Bank of New York Mellon (NYSE:BK) Issues Quarterly Earnings Results

Bank of New York Mellon (NYSE:BKGet Free Report) announced its quarterly earnings data on Friday. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11, reports. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion.

Bank of New York Mellon Stock Down 0.4 %

Shares of NYSE BK opened at $74.15 on Monday. The company has a market cap of $55.45 billion, a P/E ratio of 17.16, a PEG ratio of 1.16 and a beta of 1.08. The firm has a 50-day simple moving average of $68.37 and a two-hundred day simple moving average of $62.46. Bank of New York Mellon has a 1 year low of $39.66 and a 1 year high of $76.15. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Monday, October 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Insider Transactions at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Olistico Wealth LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $30,000. Clearstead Trust LLC purchased a new position in Bank of New York Mellon during the 2nd quarter valued at about $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Bank of New York Mellon during the 1st quarter valued at about $32,000. Able Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $32,000. Finally, Grove Bank & Trust lifted its position in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the period. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BK. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. The Goldman Sachs Group boosted their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price target for the company from $66.00 to $80.00 in a report on Monday, September 23rd. Citigroup upped their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Finally, Evercore ISI boosted their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $72.92.

Check Out Our Latest Analysis on BK

Bank of New York Mellon Company Profile

(Get Free Report)

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.

Further Reading

Earnings History for Bank of New York Mellon (NYSE:BK)

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