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

Bank of New York Mellon (NYSE:BK - Get Free Report) had its target price dropped by Truist Financial from $93.00 to $90.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the bank's stock. Truist Financial's price objective would suggest a potential upside of 13.42% from the company's previous close.

BK has been the subject of several other reports. StockNews.com cut Bank of New York Mellon from a "buy" rating to a "hold" rating in a report on Wednesday, February 19th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research report on Tuesday, April 1st. Morgan Stanley lowered their price objective on shares of Bank of New York Mellon from $99.00 to $98.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. Citigroup upped their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, March 24th. Finally, Wolfe Research lowered shares of 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $89.86.

Bank of New York Mellon Price Performance

Shares of BK traded up $5.85 during trading hours on Friday, reaching $79.35. The company had a trading volume of 6,400,307 shares, compared to its average volume of 3,957,691. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. Bank of New York Mellon has a 12-month low of $52.64 and a 12-month high of $90.34. The firm has a 50 day simple moving average of $84.22 and a 200-day simple moving average of $80.06. The company has a market capitalization of $56.97 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to analysts' expectations of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm's quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $1.28 earnings per share. Research analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Institutional Trading of Bank of New York Mellon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp boosted its position in shares of Bank of New York Mellon by 2.0% in the third quarter. State Street Corp now owns 33,313,594 shares of the bank's stock worth $2,393,915,000 after acquiring an additional 659,096 shares during the last quarter. FMR LLC raised its stake in Bank of New York Mellon by 19.3% during the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares during the period. Norges Bank acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $1,150,462,000. Ameriprise Financial Inc. grew its stake in shares of Bank of New York Mellon by 0.3% during the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after buying an additional 35,413 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of 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 worth $732,468,000 after buying an additional 1,526,686 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

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.