BK

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$500M Preferred Stock Offering Closed → KBW Raises PT to $143 on Outperform Rating

Bank of New York Mellon priced a $500 million public offering of Series M perpetual preferred stock that closed on March 5, 2026, strengthening its capital structure for asset servicing and custody banking growth. Keefe, Bruyette & Woods raised their price objective from $132 to $143 with an Outperform rating, and the company declared a $0.026 per-share monthly distribution payable March 31 to shareholders of record March 12. The stock trades at $116.17 with a Moderate Buy consensus and $131.92 average price target, well within its 52-week range of $70.46-$128.76, with CalPERS reducing its position in Q3.