Bank of New York Mellon (NYSE:BK) Posts Earnings Results, Beats Expectations By $0.07 EPS
Bank of New York Mellon (NYSE:BK) announced its quarterly earnings data on Wednesday. The bank reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07, RTT News reports. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.92 billion. Bank of New York Mellon had a net margin of 19.93% and a return on equity of 10.74%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.03 earnings per share.
Shares of Bank of New York Mellon stock opened at $45.27 on Friday. The stock has a 50-day moving average price of $43.86. The firm has a market capitalization of $43.35 billion, a P/E ratio of 10.75, a P/E/G ratio of 1.38 and a beta of 1.04. Bank of New York Mellon has a fifty-two week low of $42.13 and a fifty-two week high of $54.47. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.68 and a current ratio of 0.71.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Monday, July 29th will be given a $0.31 dividend. The ex-dividend date is Friday, July 26th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.74%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.28. Bank of New York Mellon’s dividend payout ratio is 26.60%.
In other Bank of New York Mellon news, Director Trian Fund Management, L.P. sold 621,807 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.11, for a total value of $31,158,748.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $49.43, for a total transaction of $1,235,750.00. Following the completion of the transaction, the executive vice president now owns 93,418 shares of the company’s stock, valued at approximately $4,617,651.74. The disclosure for this sale can be found here. Corporate insiders own 1.71% of the company’s stock.
Several institutional investors have recently modified their holdings of the business. C J Advisory Inc acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $28,000. Sontag Advisory LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth about $33,000. Valley National Advisers Inc. raised its position in shares of Bank of New York Mellon by 76.5% during the 4th quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock worth $34,000 after purchasing an additional 309 shares during the last quarter. Financial Gravity Wealth Inc. acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $41,000. Finally, Prime Capital Investment Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $42,000. Institutional investors and hedge funds own 84.18% of the company’s stock.
Bank of New York Mellon declared that its Board of Directors has authorized a share repurchase program on Thursday, June 27th that permits the company to repurchase $3.94 billion in shares. This repurchase authorization permits the bank to buy up to 9.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
About Bank of New York Mellon
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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