Bank of New York Mellon (NYSE:BK) Releases Earnings Results, Beats Expectations By $0.10 EPS

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

Bank of New York Mellon Stock Down 2.0 %

BK stock opened at $53.99 on Wednesday. The stock has a market capitalization of $40.64 billion, a P/E ratio of 13.60, a PEG ratio of 1.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon has a one year low of $39.65 and a one year high of $58.28. The company has a 50 day moving average price of $55.75 and a two-hundred day moving average price of $51.08.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.11%. Bank of New York Mellon’s payout ratio is currently 42.32%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Evercore ISI lifted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. 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. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Finally, UBS Group lifted their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $56.72.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the completion of the sale, the vice president now directly owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Institutional investors have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. boosted its position in Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after purchasing an additional 300 shares during the period. Sunbelt Securities Inc. purchased a new stake in Bank of New York Mellon during the 1st quarter worth $36,000. Coppell Advisory Solutions Corp. acquired a new position in Bank of New York Mellon in the 4th quarter worth $45,000. Pacific Center for Financial Services acquired a new position in Bank of New York Mellon in the 1st quarter worth $55,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its holdings in Bank of New York Mellon by 90.3% in the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,311 shares of the bank’s stock worth $60,000 after buying an additional 622 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.