Bank of New York Mellon (NYSE:BK) Stock Rating Lowered by Truist Financial

Bank of New York Mellon (NYSE:BK) was downgraded by analysts at Truist Financial from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Marketbeat reports. They currently have a $97.00 price target on the bank’s stock, up from their previous price target of $87.00. Truist Financial’s target price indicates a potential upside of 8.96% from the company’s previous close.

A number of other research analysts have also commented on the stock. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a research note on Tuesday, April 1st. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research note on Monday, March 17th. 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. Finally, Wall Street Zen lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.08.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $89.03 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The firm’s 50-day moving average price is $82.29 and its two-hundred day moving average price is $82.13. Bank of New York Mellon has a 52-week low of $57.18 and a 52-week high of $90.63. The stock has a market capitalization of $63.69 billion, a P/E ratio of 15.32, a P/E/G ratio of 0.97 and a beta of 1.05.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same quarter last year, the business earned $1.29 earnings per share. Bank of New York Mellon’s revenue was up 5.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Insider Transactions at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 5,641 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the completion of the sale, the insider now directly owns 21,679 shares of the company’s stock, valued at $1,680,122.50. The trade was a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Catherine Keating sold 65,473 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the sale, the vice president now directly owns 87,542 shares of the company’s stock, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,114 shares of company stock worth $7,869,795. Corporate insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Large investors have recently bought and sold shares of the company. Alpine Bank Wealth Management bought a new stake in Bank of New York Mellon in the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Bank of New York Mellon in the first quarter valued at approximately $25,000. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $28,000. Finally, Orion Capital Management LLC bought a new stake in Bank of New York Mellon in the first quarter valued at approximately $32,000. Institutional investors own 85.31% of the company’s stock.

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.