The Bank of New York Mellon Co. (NYSE:BK) Forecasted to Post Q3 2024 Earnings of $1.35 Per Share

The Bank of New York Mellon Co. (NYSE:BK) – Investment analysts at Seaport Res Ptn decreased their Q3 2024 earnings per share (EPS) estimates for shares of Bank of New York Mellon in a report issued on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now expects that the bank will earn $1.35 per share for the quarter, down from their prior forecast of $1.37. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.33 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s FY2024 earnings at $5.50 EPS, Q1 2025 earnings at $1.32 EPS, Q2 2025 earnings at $1.59 EPS, Q3 2025 earnings at $1.56 EPS, Q4 2025 earnings at $1.69 EPS and FY2025 earnings at $6.15 EPS.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.13 EPS.

Several other equities research analysts have also recently commented on the company. UBS Group boosted their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Evercore ISI boosted their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research note on Thursday, April 4th. Bank of America boosted their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup boosted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon presently has a consensus rating of “Hold” and an average price target of $58.17.

Bank of New York Mellon Price Performance

Shares of BK opened at $54.47 on Thursday. The company has a market capitalization of $41.01 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 1.18 and a beta of 1.12. Bank of New York Mellon has a fifty-two week low of $39.65 and a fifty-two week high of $58.28. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50-day moving average is $55.73 and its 200-day moving average is $51.10.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 3.08%. Bank of New York Mellon’s dividend payout ratio is 42.32%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the completion of the transaction, the vice president now directly owns 123,490 shares in the company, valued at $6,768,486.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the business. Founders Financial Securities LLC bought a new position in Bank of New York Mellon in the first quarter valued at about $405,000. Kathleen S. Wright Associates Inc. bought a new position in Bank of New York Mellon in the first quarter valued at about $32,000. Grimes & Company Inc. bought a new position in Bank of New York Mellon in the first quarter valued at about $334,000. Kathmere Capital Management LLC boosted its holdings in Bank of New York Mellon by 9.4% in the first quarter. Kathmere Capital Management LLC now owns 7,047 shares of the bank’s stock valued at $406,000 after acquiring an additional 606 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Bank of New York Mellon by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 54,013 shares of the bank’s stock valued at $3,112,000 after acquiring an additional 4,304 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.