The Bank of New York Mellon Co. to Post Q2 2024 Earnings of $1.37 Per Share, Zacks Research Forecasts (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Stock analysts at Zacks Research raised their Q2 2024 earnings estimates for shares of Bank of New York Mellon in a research note issued to investors on Tuesday, May 7th. Zacks Research analyst R. Department now expects that the bank will earn $1.37 per share for the quarter, up from their prior forecast of $1.35. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.43 per share. Zacks Research also issued estimates for Bank of New York Mellon’s Q3 2024 earnings at $1.32 EPS, Q4 2024 earnings at $1.35 EPS, FY2024 earnings at $5.32 EPS, Q2 2025 earnings at $1.46 EPS, Q3 2025 earnings at $1.41 EPS, Q4 2025 earnings at $1.48 EPS, Q1 2026 earnings at $1.45 EPS and FY2026 earnings at $6.75 EPS.

A number of other equities research analysts have also weighed in on the company. Citigroup lifted their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Jefferies Financial Group increased their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Bank of America increased their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Evercore ISI upped their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Finally, Morgan Stanley raised their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $60.17.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $57.51 on Thursday. The company has a market capitalization of $43.30 billion, a P/E ratio of 14.03, a PEG ratio of 1.23 and a beta of 1.11. 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 0.90, a quick ratio of 0.72 and a current ratio of 0.71. The stock has a 50 day moving average price of $56.25 and a two-hundred day moving average price of $52.64.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter last year, the company earned $1.13 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is 40.98%.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares in the company, valued at approximately $5,637,684.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the sale, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Catherine Keating sold 54,070 shares of the stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in the business. Searle & CO. acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $234,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Bank of New York Mellon by 22.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock valued at $11,596,000 after buying an additional 40,969 shares during the last quarter. Trust Point Inc. acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $310,000. WCG Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 3rd quarter valued at $1,552,000. Finally, Meeder Asset Management Inc. purchased a new position in Bank of New York Mellon during the 4th quarter worth $1,298,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.