16 Most Undervalued Stocks to Buy Now

10) The Bank of New York Mellon Corporation (NYSE:BK)

Forward P/E as of August 22: 11.95x

Number of Hedge Fund Holders: 50

Expected EPS Growth this Year: 11.6%

The Bank of New York Mellon Corporation (NYSE:BK) is a global investment company, which is involved in managing and servicing financial assets across the investment lifecycle. It provides financial services for institutions, corporations, and individual investors and offers investment management and investment services.

The company announced its 2Q 2024 earnings and posted revenue of $4.6 billion, exhibiting a 2% growth on a YoY basis. This revenue growth was because of higher investment services fees and a significant boost from foreign exchange sales. It saw positive operating leverage on the back of solid fee growth and continued expense discipline. Total revenue went up by 2%, which mainly reflects fee revenue growth of 4%, and higher investment and other revenue.

The Bank of New York Mellon Corporation (NYSE:BK) mentioned that it is forming strategic partnerships to strengthen its investment portfolio. For example, it has joined hands with BlackRock, Inc. (NYSE:BLK) to revamp AIA Group Ltd.’s investment platform. Thus, the company continues to focus on integrating various sectors of the business to enhance client experience and operational efficiency.

The Bank of New York Mellon Corporation (NYSE:BK) plans to expand its global footprint and service capabilities with the help of strategic acquisitions and partnerships. By collaborating with fintech companies or other financial institutions, it can gain access to emerging markets, and diversify the product portfolio.

Barclays increased its price target on shares of The Bank of New York Mellon Corporation (NYSE:BK) from $68.00 to $75.00, giving the stock an “Overweight” rating on 15^th July. As per Insider Monkey’s 2Q 2024 database, 50 hedge funds were long The Bank of New York Mellon Corporation (NYSE:BK).