Zacks: Brokerages Expect Bank Of New York Mellon Corporation (The) (BK) Will Announce Quarterly Sales of $3.97 Billion

Wall Street analysts expect that Bank Of New York Mellon Corporation (The) (NYSE:BK) will post sales of $3.97 billion for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Bank Of New York Mellon’s earnings, with the highest sales estimate coming in at $4.00 billion and the lowest estimate coming in at $3.96 billion. Bank Of New York Mellon posted sales of $3.79 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 4.7%. The company is expected to issue its next earnings report on Thursday, January 18th.

According to Zacks, analysts expect that Bank Of New York Mellon will report full-year sales of $3.97 billion for the current fiscal year, with estimates ranging from $15.73 billion to $15.86 billion. For the next year, analysts anticipate that the business will post sales of $16.41 billion per share, with estimates ranging from $16.18 billion to $16.61 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Bank Of New York Mellon.

Bank Of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.99 billion. Bank Of New York Mellon had a net margin of 23.14% and a return on equity of 10.51%. Bank Of New York Mellon’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 EPS.

A number of brokerages have recently weighed in on BK. ValuEngine raised shares of Bank Of New York Mellon from a “hold” rating to a “buy” rating in a report on Tuesday, December 5th. Citigroup reaffirmed a “neutral” rating and set a $56.00 price target (up previously from $53.00) on shares of Bank Of New York Mellon in a report on Monday, October 9th. Jefferies Group reaffirmed a “hold” rating on shares of Bank Of New York Mellon in a report on Friday, October 20th. Credit Suisse Group reissued a “hold” rating and issued a $55.00 price objective on shares of Bank Of New York Mellon in a research note on Tuesday, October 10th. Finally, Zacks Investment Research raised shares of Bank Of New York Mellon from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $55.28.

Bank Of New York Mellon (NYSE:BK) traded down $0.36 during midday trading on Friday, reaching $54.00. 2,305,293 shares of the company’s stock were exchanged, compared to its average volume of 4,583,331. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.85. The company has a market cap of $55,245.98, a P/E ratio of 15.79, a P/E/G ratio of 1.97 and a beta of 1.22. Bank Of New York Mellon has a 52-week low of $43.85 and a 52-week high of $55.40.

In other Bank Of New York Mellon news, Director Trian Fund Management, L.P. sold 5,798,725 shares of the firm’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $52.42, for a total value of $303,969,164.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Brian T. Shea sold 22,228 shares of the firm’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $51.26, for a total transaction of $1,139,407.28. Following the completion of the transaction, the insider now directly owns 181,815 shares in the company, valued at $9,319,836.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,708,334 shares of company stock valued at $404,956,863. 3.60% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Northstar Wealth Partners LLC increased its stake in shares of Bank Of New York Mellon by 4.9% in the second quarter. Northstar Wealth Partners LLC now owns 12,195 shares of the bank’s stock worth $632,000 after purchasing an additional 573 shares in the last quarter. Advisor Partners LLC grew its stake in Bank Of New York Mellon by 11.8% during the second quarter. Advisor Partners LLC now owns 24,670 shares of the bank’s stock valued at $1,259,000 after acquiring an additional 2,609 shares in the last quarter. Cliftonlarsonallen Wealth Advisors LLC grew its stake in Bank Of New York Mellon by 2.9% during the second quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 13,220 shares of the bank’s stock valued at $674,000 after acquiring an additional 372 shares in the last quarter. Global X Management Co. LLC grew its stake in Bank Of New York Mellon by 12.7% during the second quarter. Global X Management Co. LLC now owns 11,974 shares of the bank’s stock valued at $611,000 after acquiring an additional 1,347 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC grew its stake in Bank Of New York Mellon by 2.0% during the second quarter. Kovitz Investment Group Partners LLC now owns 882,361 shares of the bank’s stock valued at $45,018,000 after acquiring an additional 16,981 shares in the last quarter. 82.92% of the stock is currently owned by hedge funds and other institutional investors.

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About Bank Of New York Mellon

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

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Earnings History and Estimates for Bank Of New York Mellon (NYSE:BK)

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