The Bank of New York Mellon Co. (NYSE:BK) Expected to Announce Earnings of $0.99 Per Share

Analysts predict that The Bank of New York Mellon Co. (NYSE:BK) will post earnings of $0.99 per share for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for The Bank of New York Mellon’s earnings, with estimates ranging from $0.96 to $1.01. The Bank of New York Mellon posted earnings of $1.01 per share during the same quarter last year, which would suggest a negative year over year growth rate of 2%. The firm is expected to report its next quarterly earnings results on Wednesday, July 21st.

On average, analysts expect that The Bank of New York Mellon will report full-year earnings of $4.06 per share for the current financial year, with EPS estimates ranging from $3.95 to $4.14. For the next financial year, analysts forecast that the company will report earnings of $4.59 per share, with EPS estimates ranging from $4.42 to $4.86. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that follow The Bank of New York Mellon.

The Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Thursday, April 15th. The bank reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.10. The Bank of New York Mellon had a return on equity of 9.19% and a net margin of 22.24%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same period in the prior year, the company posted $1.05 EPS. The company’s revenue was down 4.6% compared to the same quarter last year.

Several research analysts have recently commented on BK shares. Morgan Stanley reduced their target price on The Bank of New York Mellon from $50.00 to $46.00 and set an “equal weight” rating on the stock in a report on Monday, April 19th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reduced their price objective on The Bank of New York Mellon from $58.00 to $56.00 in a report on Wednesday, April 21st. Bank of America raised The Bank of New York Mellon from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $43.00 to $50.00 in a report on Wednesday, March 24th. Citigroup reduced their price objective on The Bank of New York Mellon from $58.00 to $56.00 in a report on Wednesday, April 21st. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of The Bank of New York Mellon from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, April 9th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $50.00.

Shares of BK stock traded up $0.48 during trading hours on Friday, hitting $50.35. The company had a trading volume of 147,089 shares, compared to its average volume of 5,378,353. The Bank of New York Mellon has a 12 month low of $32.65 and a 12 month high of $52.90. The company has a market cap of $44.08 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 1.60 and a beta of 1.09. The stock’s fifty day moving average is $50.03. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.68.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 11th. Investors of record on Wednesday, April 28th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend was Tuesday, April 27th. The Bank of New York Mellon’s dividend payout ratio is currently 30.92%.

In related news, insider Kurtis R. Kurimsky sold 10,878 shares of the company’s stock in a transaction on Monday, April 19th. The shares were sold at an average price of $46.89, for a total value of $510,069.42. Following the completion of the sale, the insider now owns 25,034 shares in the company, valued at approximately $1,173,844.26. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP J Kevin Mccarthy sold 35,000 shares of the company’s stock in a transaction on Monday, April 19th. The shares were sold at an average price of $46.79, for a total transaction of $1,637,650.00. Following the completion of the sale, the executive vice president now owns 114,714 shares of the company’s stock, valued at approximately $5,367,468.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,378 shares of company stock valued at $2,793,344. 0.12% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in BK. Regent Peak Wealth Advisors LLC bought a new position in The Bank of New York Mellon during the 4th quarter worth about $26,000. RWM Asset Management LLC bought a new position in The Bank of New York Mellon during the 4th quarter worth about $30,000. Ameritas Investment Company LLC bought a new position in The Bank of New York Mellon during the 1st quarter worth about $30,000. CVA Family Office LLC bought a new position in The Bank of New York Mellon during the 1st quarter worth about $34,000. Finally, Massmutual Trust Co. FSB ADV increased its holdings in The Bank of New York Mellon by 260.7% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 725 shares of the bank’s stock worth $34,000 after purchasing an additional 524 shares in the last quarter. Hedge funds and other institutional investors own 82.08% of the company’s stock.

About The Bank of New York Mellon

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 three segments: Investment Services, Investment and Wealth Management, and Other. The Investment Service segment offers custody, trust and depositary, accounting, exchange-traded funds services, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, brokerage and data analytics, clearing, investment, wealth and retirement solutions, technology and enterprise data management, trading, corporate trust, depositary receipts, payments, foreign exchange, liquidity management, receivables processing and payables management, trade finance and processing, collateral management, and tri-party services.

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

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