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

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

Other analysts have also issued research reports about the stock. 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. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $81.00 to $82.00 and gave the company an “equal weight” rating in a report on Thursday, January 2nd. Finally, UBS Group increased their price objective on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $82.64.

Bank of New York Mellon Stock Down 0.0 %

BK stock opened at $77.90 on Tuesday. Bank of New York Mellon has a 52 week low of $52.09 and a 52 week high of $82.72. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The company has a market cap of $56.64 billion, a P/E ratio of 16.93, a P/E/G ratio of 0.91 and a beta of 1.08. The company’s 50-day moving average price is $78.46 and its 200 day moving average price is $71.32.

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

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.41%. Bank of New York Mellon’s payout ratio is 40.87%.

Insider Buying and Selling

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

Institutional Trading of Bank of New York Mellon

A number of hedge funds and other institutional investors have recently modified their holdings of BK. McClarren Financial Advisors Inc. boosted its holdings in Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after purchasing an additional 346 shares during the last quarter. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter worth approximately $32,000. Fortitude Family Office LLC increased its stake in shares of Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after buying an additional 346 shares during the last quarter. Grove Bank & Trust raised its holdings in Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new position in Bank of New York Mellon during the 3rd quarter valued at $46,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.