Bank of New York Mellon (NYSE:BK) Announces Quarterly Earnings Results, Beats Estimates By $0.21 EPS

Bank of New York Mellon (NYSE:BK) issued its quarterly earnings results on Tuesday. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21, Zacks reports. Bank of New York Mellon had a return on equity of 13.57% and a net margin of 12.27%. The firm had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the firm posted $1.51 earnings per share. The business’s quarterly revenue was up 9.4% compared to the same quarter last year.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $95.43 on Thursday. The stock’s fifty day moving average price is $90.33 and its two-hundred day moving average price is $84.93. Bank of New York Mellon has a one year low of $60.93 and a one year high of $96.47. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market cap of $68.27 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.62%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BK shares. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday. Morgan Stanley raised their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday. Citigroup raised their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, March 24th. Truist Financial raised their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Evercore ISI raised their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research report on Wednesday, July 2nd. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $94.38.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the transaction, the executive vice president owned 55,115 shares in the company, valued at $4,355,738.45. This trade represents a 35.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A hedge fund recently bought a new stake in Bank of New York Mellon stock. Revolve Wealth Partners LLC purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,858 shares of the bank’s stock, valued at approximately $220,000. Institutional investors own 85.31% of the company’s stock.

About Bank of New York Mellon

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.