Bank of New York Mellon (NYSE:BK) Now Covered by Truist Financial

Truist Financial began coverage on shares of Bank of New York Mellon (NYSE:BK) in a report released on Tuesday,Benzinga reports. The brokerage issued a buy rating and a $91.00 price target on the bank’s stock.

BK has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $81.00 to $82.00 and gave the company an “equal weight” rating in a research report on Thursday, January 2nd. StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Saturday, December 14th. Barclays increased their price target on Bank of New York Mellon from $86.00 to $102.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.64.

Bank of New York Mellon Stock Down 0.1 %

Shares of BK stock opened at $77.88 on Tuesday. The stock has a market cap of $56.62 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a fifty day moving average price of $78.55 and a 200 day moving average price of $71.42. Bank of New York Mellon has a one year low of $52.21 and a one year high of $82.72.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.11. The firm had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Analysts predict that Bank of New York Mellon will post 5.84 earnings per share for the current year.

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the transaction, the executive vice president now owns 75,404 shares in the company, valued at approximately $5,754,079.24. This represents a 24.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares in the company, valued at $12,040,583.85. The trade was a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by insiders.

Institutional Trading of Bank of New York Mellon

A number of hedge funds have recently made changes to their positions in BK. United Advisor Group LLC bought a new position in Bank of New York Mellon in the 3rd quarter valued at about $595,000. Principal Financial Group Inc. increased its stake in shares of Bank of New York Mellon by 1.7% during the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after purchasing an additional 14,916 shares during the period. Chase Investment Counsel Corp lifted its holdings in Bank of New York Mellon by 67.2% during the 3rd quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after purchasing an additional 33,558 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after purchasing an additional 421,161 shares during the period. Finally, HighTower Advisors LLC grew its holdings in Bank of New York Mellon by 130.1% in the 3rd quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock valued at $23,449,000 after buying an additional 184,560 shares in the last quarter. 85.31% of the stock is 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.