Bank of New York Mellon (NYSE:BK) Price Target Raised to $119.00 at Truist Financial

Bank of New York Mellon (NYSE:BK) had its price target raised by Truist Financial from $118.00 to $119.00 in a report released on Friday,Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

Other research analysts have also issued reports about the stock. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective for the company. The Goldman Sachs Group raised their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Barclays lifted their price target on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Friday. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Finally, Wells Fargo & Company lifted their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a report on Friday. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $109.62.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $105.77 on Friday. The firm has a market cap of $74.59 billion, a P/E ratio of 15.26, a P/E/G ratio of 1.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.72. Bank of New York Mellon has a 1-year low of $70.46 and a 1-year high of $110.87. The firm has a fifty day moving average of $105.59 and a two-hundred day moving average of $94.47.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The company had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. As a group, 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Monday, October 27th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Monday, October 27th. Bank of New York Mellon’s payout ratio is presently 32.37%.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BK. Revolve Wealth Partners LLC acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $220,000. GAMMA Investing LLC raised its position in shares of Bank of New York Mellon by 14.9% during the 1st quarter. GAMMA Investing LLC now owns 16,692 shares of the bank’s stock worth $1,400,000 after buying an additional 2,168 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after buying an additional 50,368 shares in the last quarter. Sowell Financial Services LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter worth about $695,000. Finally, State of Alaska Department of Revenue raised its position in shares of Bank of New York Mellon by 1.4% during the 1st quarter. State of Alaska Department of Revenue now owns 84,104 shares of the bank’s stock worth $7,053,000 after buying an additional 1,200 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

About Bank of New York Mellon

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.