Bank of New York Mellon (NYSE:BK) Releases Earnings Results, Beats Estimates By $0.10 EPS

Bank of New York Mellon (NYSE:BK) announced its quarterly earnings data on Tuesday. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10, RTT News reports. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.13 earnings per share.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $54.47 on Thursday. The company has a market capitalization of $41.01 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.15 and a beta of 1.12. The business’s 50 day moving average is $55.73 and its two-hundred day moving average is $51.10. Bank of New York Mellon has a 12-month low of $39.65 and a 12-month high of $58.28. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a yield of 3.08%. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Evercore ISI upped their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. Bank of America upped their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group upped their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, January 9th. Finally, Citigroup upped their target price on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $58.17.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now 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 is accessible through this hyperlink. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the company. Brown Brothers Harriman & Co. lifted its position in shares of Bank of New York Mellon by 97.1% in the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after acquiring an additional 300 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $36,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $45,000. Pacific Center for Financial Services acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $55,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC increased its holdings in shares of Bank of New York Mellon by 90.3% in the fourth quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,311 shares of the bank’s stock valued at $60,000 after purchasing an additional 622 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.