Truist Increases Bank of New York Mellon (BNY) Price Target, Citing Higher Rates and Equity Rally

The Bank of New York Mellon Corp (NYSE:BNY) is included among Billionaire Steven Cohen’s Top 11 Dividend Stock Picks.

On June 26, Truist raised its price recommendation on The Bank of New York Mellon Corp (NYSE:BNY) to $160 from $148. It reiterated a Buy rating on the shares. The update came as part of the firm’s broader research note previewing second-quarter results for trust banks. Analyst David Smith said the group continues to benefit from higher interest rates and the strong rally in equity markets. As a result, trust bank stocks have been among the best-performing subsectors within banking, if not the broader financial sector, in recent months. Truist added that its higher earnings-per-share estimates are mainly driven by stronger net interest income and higher asset levels, while also factoring in an increase in revenue and activity-related expenses.

During the Q1 2026 earnings call, Senior Executive Vice President and CFO McDonogh said the company had raised its full-year 2026 revenue outlook, excluding notable items. The company now expects total revenue to grow by approximately 6% year over year.McDonogh also updated the company’s net interest income guidance, saying full-year 2026 net interest income is expected to increase by approximately 10% compared to the previous year.

On expenses, McDonogh said the company maintained its full-year 2026 expense growth guidance, excluding notable items, but now expects growth to come in at the upper end of the previously announced 3% to 4% year-over-year range.

The Bank of New York Mellon Corp (NYSE:BNY) is a global financial services company. Its business segments include Securities Services, Market and Wealth Services, and Investment and Wealth Management.

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