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

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

Bank of New York Mellon Trading Up 0.3%

Shares of NYSE BK opened at $95.43 on Thursday. Bank of New York Mellon has a 1-year low of $60.93 and a 1-year high of $96.47. The company has a market cap of $68.27 billion, a PE ratio of 14.57, a P/E/G ratio of 1.03 and a beta of 1.07. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average of $90.33 and a two-hundred day moving average of $84.93.

Bank of New York Mellon Increases Dividend

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

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the transaction, the executive vice president directly owned 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

An institutional investor recently bought a new position in Bank of New York Mellon stock. Revolve Wealth Partners LLC purchased a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,858 shares of the bank’s stock, valued at approximately $220,000. 85.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on BK shares. Wells Fargo & Company lifted their target price on shares of 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. Citigroup boosted their price target on shares of 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. Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday. Evercore ISI boosted their price target on shares of 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. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Wednesday. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $94.38.

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.