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

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

A number of other research analysts also recently weighed in on BK. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Wells Fargo & Company lifted their target price on 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. UBS Group increased their price target on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley lowered their price target on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $89.86.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $73.17 on Friday. 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 firm has a market cap of $52.53 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The stock’s 50-day moving average is $84.98 and its 200-day moving average is $80.08. Bank of New York Mellon has a one year low of $52.64 and a one year high of $90.34.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the business posted $1.28 EPS. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. Equities analysts predict 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 business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds have recently bought and sold shares of BK. Agate Pass Investment Management LLC increased its stake in shares of Bank of New York Mellon by 45.0% during the first quarter. Agate Pass Investment Management LLC now owns 21,240 shares of the bank’s stock worth $1,781,000 after purchasing an additional 6,590 shares during the period. Versant Capital Management Inc increased its position in Bank of New York Mellon by 109.2% during the 1st quarter. Versant Capital Management Inc now owns 6,368 shares of the bank’s stock worth $534,000 after buying an additional 3,324 shares during the period. Boston Common Asset Management LLC increased its position in Bank of New York Mellon by 21.3% during the 1st quarter. Boston Common Asset Management LLC now owns 166,180 shares of the bank’s stock worth $13,938,000 after buying an additional 29,133 shares during the period. Kera Capital Partners Inc. lifted its holdings in shares of Bank of New York Mellon by 9.9% during the first quarter. Kera Capital Partners Inc. now owns 2,887 shares of the bank’s stock worth $242,000 after buying an additional 260 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Bank of New York Mellon by 7.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,897 shares of the bank’s stock valued at $243,000 after acquiring an additional 191 shares during the period. 85.31% of the stock is currently 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.