Brokerages predict that The Bank of New York Mellon Co. (NYSE:BK) will announce $3.89 billion in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for The Bank of New York Mellon’s earnings, with the lowest sales estimate coming in at $3.88 billion and the highest estimate coming in at $3.91 billion. The Bank of New York Mellon posted sales of $3.85 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 1%. The company is scheduled to report its next quarterly earnings results before the market opens on Tuesday, October 19th.
On average, analysts expect that The Bank of New York Mellon will report full-year sales of $15.76 billion for the current fiscal year, with estimates ranging from $15.70 billion to $15.91 billion. For the next financial year, analysts forecast that the company will post sales of $16.06 billion, with estimates ranging from $15.94 billion to $16.28 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover The Bank of New York Mellon.
The Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, July 14th. The bank reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.13. The firm had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.86 billion. The Bank of New York Mellon had a return on equity of 9.27% and a net margin of 22.86%. The Bank of New York Mellon’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS.
NYSE:BK traded down $0.21 during trading hours on Monday, reaching $49.85. 83,563 shares of the company traded hands, compared to its average volume of 4,361,850. The firm’s 50-day simple moving average is $50.61. The stock has a market capitalization of $43.64 billion, a PE ratio of 12.94, a P/E/G ratio of 1.98 and a beta of 1.08. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.68 and a current ratio of 0.68. The Bank of New York Mellon has a 1-year low of $32.65 and a 1-year high of $52.90.
The Bank of New York Mellon declared that its board has approved a share buyback program on Monday, June 28th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the bank to repurchase up to 13.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 9th. Investors of record on Tuesday, July 27th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.73%. This is an increase from The Bank of New York Mellon’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Monday, July 26th. The Bank of New York Mellon’s dividend payout ratio (DPR) is 30.92%.
In other news, EVP Salla Francis J. La sold 25,000 shares of The Bank of New York Mellon stock in a transaction that occurred on Friday, July 16th. The stock was sold at an average price of $49.41, for a total transaction of $1,235,250.00. Following the sale, the executive vice president now owns 69,299 shares of the company’s stock, valued at $3,424,063.59. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP J Kevin Mccarthy sold 12,500 shares of The Bank of New York Mellon stock in a transaction that occurred on Thursday, May 6th. The shares were sold at an average price of $51.65, for a total value of $645,625.00. Following the sale, the executive vice president now directly owns 102,214 shares in the company, valued at approximately $5,279,353.10. The disclosure for this sale can be found here. Insiders own 0.12% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Marathon Asset Management LLP grew its holdings in shares of The Bank of New York Mellon by 5.1% during the 2nd quarter. Marathon Asset Management LLP now owns 1,155,983 shares of the bank’s stock valued at $59,220,000 after acquiring an additional 56,338 shares in the last quarter. Transform Wealth LLC boosted its holdings in The Bank of New York Mellon by 208.1% in the second quarter. Transform Wealth LLC now owns 33,544 shares of the bank’s stock worth $1,718,000 after purchasing an additional 22,657 shares in the last quarter. Stratos Wealth Partners LTD. boosted its holdings in The Bank of New York Mellon by 5.3% in the second quarter. Stratos Wealth Partners LTD. now owns 21,725 shares of the bank’s stock worth $1,113,000 after purchasing an additional 1,095 shares in the last quarter. Brookstone Capital Management bought a new stake in The Bank of New York Mellon in the second quarter worth $668,000. Finally, IFM Investors Pty Ltd lifted its position in The Bank of New York Mellon by 23.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 109,465 shares of the bank’s stock worth $5,608,000 after acquiring an additional 20,931 shares during the last quarter. Institutional investors and hedge funds own 82.00% of the company’s stock.
The 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 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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