Analysts Anticipate Bank Of New York Mellon Corporation (The) (BK) to Announce $0.90 EPS
Equities research analysts predict that Bank Of New York Mellon Corporation (The) (NYSE:BK) will post earnings per share of $0.90 for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Bank Of New York Mellon’s earnings, with the lowest EPS estimate coming in at $0.88 and the highest estimate coming in at $0.93. Bank Of New York Mellon posted earnings of $0.77 per share in the same quarter last year, which indicates a positive year over year growth rate of 16.9%. The business is expected to report its next quarterly earnings results on Thursday, January 18th.
On average, analysts expect that Bank Of New York Mellon will report full year earnings of $3.54 per share for the current year, with EPS estimates ranging from $3.51 to $3.57. For the next year, analysts expect that the firm will report earnings of $3.89 per share, with EPS estimates ranging from $3.75 to $3.97. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that follow Bank Of New York Mellon.
Bank Of New York Mellon (NYSE:BK) last posted its earnings results on Thursday, October 19th. The bank reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.01. Bank Of New York Mellon had a net margin of 23.14% and a return on equity of 10.51%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.99 billion. During the same period last year, the company posted $0.90 EPS. The company’s quarterly revenue was up 1.9% compared to the same quarter last year.
A number of analysts have weighed in on the stock. BidaskClub upgraded shares of Bank Of New York Mellon from a “hold” rating to a “buy” rating in a research note on Sunday, August 6th. UBS lowered shares of Bank Of New York Mellon from a “buy” rating to a “neutral” rating and set a $56.00 price objective for the company. in a research note on Friday, September 8th. Royal Bank Of Canada restated a “hold” rating and set a $58.00 price objective on shares of Bank Of New York Mellon in a research note on Thursday, August 31st. Wells Fargo & Company started coverage on shares of Bank Of New York Mellon in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $55.00 price target for the company. Finally, Zacks Investment Research lowered shares of Bank Of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $55.28.
In other Bank Of New York Mellon news, Director Edward P. Garden sold 1,031,157 shares of Bank Of New York Mellon stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $53.13, for a total transaction of $54,785,371.41. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Gerald L. Hassell sold 24,280 shares of Bank Of New York Mellon stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $51.69, for a total transaction of $1,255,033.20. Following the transaction, the chairman now directly owns 857,899 shares in the company, valued at approximately $44,344,799.31. The disclosure for this sale can be found here. Insiders have sold 7,670,182 shares of company stock worth $402,890,932 in the last ninety days. Insiders own 3.60% of the company’s stock.
Large investors have recently modified their holdings of the business. Vantage Financial Partners Ltd. Inc. purchased a new position in shares of Bank Of New York Mellon in the second quarter worth $1,139,000. Invictus RG purchased a new position in shares of Bank Of New York Mellon in the third quarter worth $102,000. First Interstate Bank lifted its holdings in shares of Bank Of New York Mellon by 56.2% in the second quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock worth $119,000 after buying an additional 842 shares in the last quarter. Hudock Capital Group LLC lifted its holdings in shares of Bank Of New York Mellon by 0.3% in the second quarter. Hudock Capital Group LLC now owns 2,556 shares of the bank’s stock worth $130,000 after buying an additional 7 shares in the last quarter. Finally, Horan Capital Advisors LLC. purchased a new position in shares of Bank Of New York Mellon in the third quarter worth $139,000. 82.85% of the stock is currently owned by institutional investors and hedge funds.
Shares of Bank Of New York Mellon (BK) opened at $54.45 on Friday. The firm has a market cap of $56,054.96, a PE ratio of 15.77, a price-to-earnings-growth ratio of 1.99 and a beta of 1.22. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.69 and a current ratio of 0.69. Bank Of New York Mellon has a 12 month low of $43.85 and a 12 month high of $55.29.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Tuesday, October 31st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.76%. The ex-dividend date was Monday, October 30th. Bank Of New York Mellon’s dividend payout ratio is currently 28.07%.
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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