The Bank of New York Mellon Co. (NYSE:BK) to Post Q2 2024 Earnings of $1.40 Per Share, Seaport Res Ptn Forecasts

The Bank of New York Mellon Co. (NYSE:BK) – Research analysts at Seaport Res Ptn increased their Q2 2024 earnings per share (EPS) estimates for Bank of New York Mellon in a research report issued on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now expects that the bank will post earnings per share of $1.40 for the quarter, up from their prior forecast of $1.39. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.40 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.46 EPS.

Other equities analysts also recently issued research reports about the company. Evercore ISI increased their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. UBS Group increased their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Citigroup raised their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.06.

Bank of New York Mellon Price Performance

BK opened at $56.29 on Friday. Bank of New York Mellon has a 12-month low of $39.65 and a 12-month high of $58.28. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The business’s fifty day simple moving average is $55.76 and its 200-day simple moving average is $51.23. The company has a market capitalization of $42.38 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.15 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same quarter last year, the firm posted $1.13 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BK. Atlantic Edge Private Wealth Management LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $28,000. Brown Brothers Harriman & Co. grew its holdings in Bank of New York Mellon by 97.1% in the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after purchasing an additional 300 shares during the period. Able Wealth Management LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Bank of New York Mellon in the first quarter valued at approximately $32,000. Finally, Hartford Financial Management Inc. grew its holdings in Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the sale, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.98%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

About 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 Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.