These Analysts Boost Their Forecasts On Bank of New York Mellon Following Strong Q3 Earnings

Core Insights - The Bank of New York Mellon Corporation reported better-than-expected third-quarter earnings with diluted EPS of $1.88 and adjusted diluted EPS of $1.91, surpassing the estimate of $1.77 [1] - Total revenue increased by 9% year-over-year to $5.081 billion, exceeding the estimate of $4.974 billion, driven by a 7% rise in fee revenue and an 18% increase in net interest income [1] - The company's GAAP pre-tax operating margin was 36%, return on equity was 13.7%, and return on tangible common equity was 25.6% [1] Management Commentary - CEO Robin Vince highlighted that BNY achieved record revenue of $5.1 billion, reflecting broad-based growth across its Securities Services and Market and Wealth Services segments, and noted significant positive operating leverage [2] Stock Performance - Following the earnings announcement, Bank of New York Mellon shares fell by 2% to trade at $104.64 [2] Analyst Ratings and Price Targets - Keefe, Bruyette & Woods analyst maintained an Outperform rating and raised the price target from $120 to $124 [4] - Wells Fargo analyst maintained an Equal-Weight rating and increased the price target from $100 to $109 [4] - Barclays analyst maintained an Overweight rating and raised the price target from $104 to $120 [4] - Truist Securities analyst maintained a Hold rating and increased the price target from $118 to $119 [4]