Truist Financial Cuts Bank of New York Mellon (NYSE:BNY) Price Target to $172.00

Bank of New York Mellon (NYSE:BNY) had its price objective decreased by Truist Financial from $178.00 to $172.00 in a research note released on Friday,Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

A number of other brokerages have also recently issued reports on BNY. Citigroup upped their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Wells Fargo & Company boosted their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Royal Bank Of Canada upped their price objective on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a report on Thursday, July 16th. Argus raised their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Zacks Research lowered shares of Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $156.73.

Bank of New York Mellon Price Performance

NYSE BNY opened at $150.12 on Friday. Bank of New York Mellon has a fifty-two week low of $103.11 and a fifty-two week high of $165.84. The stock’s 50-day moving average is $158.92 and its two-hundred day moving average is $143.68. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market cap of $101.86 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 1.13 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The firm’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.93 EPS. On average, analysts anticipate that Bank of New York Mellon will post 9.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares of the company’s stock, valued at $29,331,148.16. This represents a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by insiders.

Institutional Trading of Bank of New York Mellon

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Bank of New York Mellon during the second quarter valued at about $8,321,111,000. Bank of America Corp DE acquired a new stake in Bank of New York Mellon during the second quarter worth about $2,499,438,000. Norges Bank acquired a new stake in Bank of New York Mellon during the fourth quarter worth about $1,398,624,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Bank of New York Mellon during the second quarter worth about $1,214,193,000. Finally, Wellington Management Group LLP bought a new position in Bank of New York Mellon during the second quarter valued at about $1,175,576,000. 85.31% of the stock is owned by institutional investors.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.