Truist Financial Lowers Bank of New York Mellon (NYSE:BK) Price Target to $90.00

Bank of New York Mellon (NYSE:BK) had its price objective decreased by Truist Financial from $93.00 to $90.00 in a research note issued to investors on Friday,Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

A number of other equities analysts have also issued reports on the stock. Citigroup boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Bank of America boosted their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $89.86.

Bank of New York Mellon Stock Down 8.4 %

Bank of New York Mellon stock opened at $73.17 on Friday. The firm has a market cap of $52.53 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 0.97 and a beta of 1.03. The firm has a fifty day moving average price of $84.98 and a two-hundred day moving average price of $79.95. Bank of New York Mellon has a fifty-two week low of $52.64 and a fifty-two week high of $90.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.28 EPS. As a group, analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.57%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently made changes to their positions in BK. Norges Bank bought a new stake in Bank of New York Mellon during the fourth quarter worth about $1,150,462,000. FMR LLC boosted its holdings in shares of Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares in the last quarter. Wellington Management Group LLP grew its position in Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after acquiring an additional 3,142,869 shares during the last quarter. Northern Trust Corp increased its holdings in Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock valued at $732,468,000 after purchasing an additional 1,526,686 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Bank of New York Mellon in the 4th quarter valued at $90,955,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.