Q2 2018 Earnings Forecast for Bank Of New York Mellon Corporation (The) (BK) Issued By Jefferies Group
Bank Of New York Mellon Corporation (The) (NYSE:BK) – Jefferies Group raised their Q2 2018 earnings per share (EPS) estimates for Bank Of New York Mellon in a note issued to investors on Tuesday. Jefferies Group analyst K. Usdin now forecasts that the bank will post earnings per share of $1.02 for the quarter, up from their prior forecast of $0.93. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for Bank Of New York Mellon’s FY2018 earnings at $4.10 EPS and FY2019 earnings at $4.45 EPS.
Other analysts have also recently issued research reports about the company. Zacks Investment Research cut Bank Of New York Mellon from a “hold” rating to a “sell” rating in a research report on Thursday, September 21st. Citigroup reiterated a “neutral” rating and set a $56.00 target price (up previously from $53.00) on shares of Bank Of New York Mellon in a research report on Monday, October 9th. Credit Suisse Group reiterated a “hold” rating and set a $55.00 target price on shares of Bank Of New York Mellon in a research report on Tuesday, October 10th. Goldman Sachs Group reiterated a “buy” rating and set a $58.00 target price (up previously from $52.85) on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Finally, Morgan Stanley lifted their target price on Bank Of New York Mellon from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Friday, October 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $56.59.
Shares of Bank Of New York Mellon (BK) traded up $0.53 during midday trading on Thursday, reaching $57.83. The company’s stock had a trading volume of 3,476,200 shares, compared to its average volume of 3,490,987. The stock has a market cap of $60,280.00, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 1.78 and a beta of 1.22. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.69 and a quick ratio of 0.69. Bank Of New York Mellon has a 12 month low of $43.85 and a 12 month high of $57.86.
Bank Of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.99 billion. Bank Of New York Mellon had a return on equity of 10.51% and a net margin of 23.14%. Bank Of New York Mellon’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invictus RG acquired a new position in Bank Of New York Mellon during the 3rd quarter worth approximately $102,000. Rowland & Co. Investment Counsel ADV acquired a new position in Bank Of New York Mellon during the 4th quarter worth approximately $124,000. Advisory Services Network LLC increased its position in Bank Of New York Mellon by 15.5% during the 2nd quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock worth $138,000 after purchasing an additional 363 shares during the period. Horan Capital Advisors LLC. acquired a new position in Bank Of New York Mellon during the 3rd quarter worth approximately $139,000. Finally, Sawyer & Company Inc acquired a new position in Bank Of New York Mellon during the 4th quarter worth approximately $164,000. Institutional investors own 82.92% of the company’s stock.
In related news, Director Edward P. Garden sold 1,031,157 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $53.13, for a total value of $54,785,371.41. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Trian Fund Management, L.P. sold 5,798,725 shares of the business’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $52.42, for a total value of $303,969,164.50. The disclosure for this sale can be found here. Insiders sold a total of 7,708,334 shares of company stock worth $404,956,863 in the last 90 days. 3.60% of the stock is currently owned by insiders.
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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