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

Bank of New York Mellon (NYSE:BK) had its price target trimmed by Truist Financial from $93.00 to $90.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

A number of other research firms also recently commented on BK. Royal Bank of Canada reiterated a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a report on Monday, March 17th. Bank of America raised their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Morgan Stanley decreased their price target on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Evercore ISI boosted their price objective on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.86.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $73.17 on Friday. The stock’s 50 day moving average price is $84.98 and its 200 day moving average price is $79.95. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The stock has a market cap of $52.53 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.97 and a beta of 1.03. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $90.34.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data 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 business had revenue of $4.85 billion during the quarter, compared to analyst estimates 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 company’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.28 earnings per share. Equities research analysts anticipate that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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

Institutional Investors Weigh In On Bank of New York Mellon

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

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.