Q3 2024 EPS Estimates for The Bank of New York Mellon Co. (NYSE:BK) Decreased by Seaport Res Ptn

The Bank of New York Mellon Co. (NYSE:BK) – Stock analysts at Seaport Res Ptn dropped their Q3 2024 earnings estimates for shares of Bank of New York Mellon in a note issued to investors on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now anticipates that the bank will post earnings of $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 $5.40 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 released its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. The business 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 net margin of 9.48% and a return on equity of 11.80%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $1.13 earnings per share.

Several other analysts also recently commented on BK. Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Citigroup lifted their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. UBS Group lifted their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Jefferies Financial Group lifted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Morgan Stanley upgraded shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $60.06.

Bank of New York Mellon Trading Up 1.9 %

Shares of NYSE BK opened at $56.29 on Thursday. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a one year low of $39.65 and a one year high of $58.28. The business has a 50-day moving average price of $55.76 and a two-hundred day moving average price of $51.23. The firm has a market capitalization of $42.38 billion, a PE ratio of 13.73, a PEG ratio of 1.15 and a beta of 1.12.

Institutional Investors Weigh In On Bank of New York Mellon

Large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in Bank of New York Mellon by 22.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock valued at $11,596,000 after purchasing an additional 40,969 shares during the last quarter. Trust Point Inc. bought a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $310,000. WCG Wealth Advisors LLC bought a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at $1,552,000. Meeder Asset Management Inc. acquired a new stake in Bank of New York Mellon during the 4th quarter worth about $1,298,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in Bank of New York Mellon by 22.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,557,750 shares of the bank’s stock worth $109,088,000 after purchasing an additional 465,229 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Buying and Selling

In other news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the sale, the vice president now directly owns 123,490 shares in the company, valued at $6,768,486.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 2.98%. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

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.