Bank of New York Mellon (BK) Issues Earnings Results, Meets Expectations

Bank of New York Mellon (NYSE:BK) released its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 EPS for the quarter, meeting analysts’ consensus estimates of $0.91, Bloomberg Earnings reports. The firm had revenue of $3.73 billion during the quarter, compared to analyst estimates of $4.01 billion. Bank of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.77 EPS.

Shares of Bank of New York Mellon (BK) traded up $0.79 during midday trading on Friday, hitting $54.08. 6,166,273 shares of the company traded hands, compared to its average volume of 5,365,023. The stock has a market capitalization of $54,806.95, a PE ratio of 14.50, a P/E/G ratio of 1.72 and a beta of 1.21. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.70 and a quick ratio of 0.69. Bank of New York Mellon has a one year low of $45.12 and a one year high of $58.99.

The business also recently declared a quarterly dividend, which was paid on Friday, February 9th. Investors of record on Tuesday, January 30th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Monday, January 29th. Bank of New York Mellon’s dividend payout ratio is currently 25.74%.

In other news, Director Edward P. Garden sold 143,792 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $52.52, for a total transaction of $7,551,955.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas P. Gibbons sold 38,152 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $54.15, for a total transaction of $2,065,930.80. Following the sale, the chief financial officer now owns 310,002 shares in the company, valued at approximately $16,786,608.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 831,944 shares of company stock worth $43,807,887. Corporate insiders own 3.60% of the company’s stock.

A number of institutional investors have recently modified their holdings of BK. Schroder Investment Management Group bought a new position in Bank of New York Mellon during the second quarter valued at approximately $247,000. Franklin Resources Inc. raised its position in Bank of New York Mellon by 12.6% in the second quarter. Franklin Resources Inc. now owns 490,012 shares of the bank’s stock worth $25,001,000 after acquiring an additional 54,900 shares during the period. Ameriprise Financial Inc. raised its position in Bank of New York Mellon by 5.9% in the second quarter. Ameriprise Financial Inc. now owns 15,129,897 shares of the bank’s stock worth $771,927,000 after acquiring an additional 838,301 shares during the period. Norinchukin Bank The raised its position in Bank of New York Mellon by 110.5% in the second quarter. Norinchukin Bank The now owns 76,766 shares of the bank’s stock worth $3,917,000 after acquiring an additional 40,303 shares during the period. Finally, Dorsey & Whitney Trust CO LLC raised its position in Bank of New York Mellon by 10.8% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 16,810 shares of the bank’s stock worth $858,000 after acquiring an additional 1,638 shares during the period. Institutional investors own 83.75% of the company’s stock.

BK has been the subject of several research reports. Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 target price (up from $52.85) on shares of Bank of New York Mellon in a research report on Friday, October 20th. Morgan Stanley upped their target price on shares of 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. Jefferies Group reiterated a “hold” rating on shares of Bank of New York Mellon in a research report on Friday, October 20th. Royal Bank of Canada reiterated a “hold” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, November 15th. Finally, ValuEngine raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, December 5th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $56.76.

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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.

Earnings History for Bank of New York Mellon (NYSE:BK)

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