$3.97 Billion in Sales Expected for Bank Of New York Mellon Corporation (The) (BK) This Quarter

Equities analysts forecast that Bank Of New York Mellon Corporation (The) (NYSE:BK) will post sales of $3.97 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Bank Of New York Mellon Corporation (The)’s earnings, with the lowest sales estimate coming in at $3.96 billion and the highest estimate coming in at $4.00 billion. Bank Of New York Mellon Corporation (The) posted sales of $3.79 billion during the same quarter last year, which would indicate a positive year over year growth rate of 4.7%. The firm is scheduled to issue its next earnings results on Thursday, January 18th.

According to Zacks, analysts expect that Bank Of New York Mellon Corporation (The) will report full-year sales of $3.97 billion for the current year, with estimates ranging from $15.73 billion to $15.86 billion. For the next financial year, analysts forecast that the business will report sales of $16.41 billion per share, with estimates ranging from $16.18 billion to $16.61 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Bank Of New York Mellon Corporation (The).

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its quarterly earnings data on Thursday, October 19th. The bank reported $0.94 EPS for the quarter, beating the consensus estimate of $0.93 by $0.01. Bank Of New York Mellon Corporation (The) had a return on equity of 10.51% and a net margin of 23.14%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period last year, the company earned $0.90 earnings per share. Bank Of New York Mellon Corporation (The)’s quarterly revenue was up 1.9% compared to the same quarter last year.

A number of brokerages have recently issued reports on BK. Zacks Investment Research lowered Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Citigroup Inc. reaffirmed a “neutral” rating and issued a $56.00 price target (up from $53.00) on shares of Bank Of New York Mellon Corporation (The) in a research note on Monday, October 9th. Credit Suisse Group reaffirmed a “hold” rating and issued a $55.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, October 10th. Wells Fargo & Company began coverage on Bank Of New York Mellon Corporation (The) in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $55.00 price target on the stock. Finally, BidaskClub raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research note on Sunday, August 6th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $55.28.

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Shares of Bank Of New York Mellon Corporation (NYSE BK) traded up $0.24 on Wednesday, reaching $52.47. The company’s stock had a trading volume of 4,332,683 shares, compared to its average volume of 4,574,554. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market capitalization of $54,210.00, a price-to-earnings ratio of 14.94, a P/E/G ratio of 1.95 and a beta of 1.21. Bank Of New York Mellon Corporation has a one year low of $43.85 and a one year high of $55.29.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Investors of record on Tuesday, October 31st were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, October 30th. This represents a $0.96 annualized dividend and a dividend yield of 1.83%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is presently 28.24%.

In related news, Vice Chairman Brian T. Shea sold 22,228 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $51.26, for a total transaction of $1,139,407.28. Following the completion of the transaction, the insider now directly owns 181,815 shares of the company’s stock, valued at approximately $9,319,836.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 on Tuesday, October 24th. The stock was 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 6,876,390 shares of company stock worth $361,148,976 in the last quarter. Company insiders own 3.60% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vantage Financial Partners Ltd. Inc. acquired a new position in Bank Of New York Mellon Corporation (The) during the 2nd quarter worth $1,139,000. Invictus RG acquired a new position in Bank Of New York Mellon Corporation (The) during the 3rd quarter worth $102,000. First Interstate Bank grew its stake in Bank Of New York Mellon Corporation (The) by 56.2% during the 2nd quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock worth $119,000 after purchasing an additional 842 shares in the last quarter. Exane Derivatives acquired a new position in Bank Of New York Mellon Corporation (The) during the 2nd quarter worth $130,000. Finally, Hudock Capital Group LLC grew its stake in Bank Of New York Mellon Corporation (The) by 0.3% during the 2nd quarter. Hudock Capital Group LLC now owns 2,556 shares of the bank’s stock worth $130,000 after purchasing an additional 7 shares in the last quarter. 82.73% of the stock is owned by hedge funds and other institutional investors.

Bank Of New York Mellon Corporation (The) Company Profile

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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Earnings History and Estimates for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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