FY2016 EPS Estimates for Bank Of New York Mellon Corp. (BK) Raised by Analyst
Bank Of New York Mellon Corp. (NYSE:BK) – Stock analysts at Jefferies Group raised their FY2016 earnings per share (EPS) estimates for Bank Of New York Mellon Corp. in a report issued on Monday. Jefferies Group analyst K. Usdin now anticipates that the brokerage will post earnings of $3.00 per share for the year, up from their prior forecast of $2.98. Jefferies Group currently has a “Hold” rating and a $38.00 price objective on the stock. Jefferies Group also issued estimates for Bank Of New York Mellon Corp.’s Q1 2017 earnings at $0.70 EPS, Q2 2017 earnings at $0.78 EPS, Q3 2017 earnings at $0.86 EPS, Q4 2017 earnings at $0.80 EPS and FY2018 earnings at $3.40 EPS.
Bank Of New York Mellon Corp. (NYSE:BK) last released its earnings results on Thursday, July 21st. The company reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.01. Bank Of New York Mellon Corp. had a net margin of 20.86% and a return on equity of 9.31%. The company had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same quarter last year, the firm earned $0.73 EPS. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year.
Other equities analysts also recently issued research reports about the stock. Deutsche Bank AG reissued a “buy” rating on shares of Bank Of New York Mellon Corp. in a report on Sunday, July 10th. Barclays PLC reissued a “buy” rating on shares of Bank Of New York Mellon Corp. in a report on Saturday, July 9th. Argus reissued a “hold” rating on shares of Bank Of New York Mellon Corp. in a report on Friday, July 22nd. Zacks Investment Research downgraded shares of Bank Of New York Mellon Corp. from a “hold” rating to a “sell” rating in a report on Monday, June 27th. Finally, Credit Suisse Group AG set a $42.00 price objective on shares of Bank Of New York Mellon Corp. and gave the stock a “hold” rating in a report on Tuesday, August 9th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $45.05.
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Bank Of New York Mellon Corp. (NYSE:BK) traded down 1.57% during trading on Tuesday, hitting $40.04. 2,162,325 shares of the company traded hands. The company’s 50 day moving average is $40.58 and its 200-day moving average is $39.80. The stock has a market capitalization of $42.75 billion, a PE ratio of 14.36 and a beta of 1.38. Bank Of New York Mellon Corp. has a 52 week low of $32.20 and a 52 week high of $44.73.
In other Bank Of New York Mellon Corp. news, Director Trian Fund Management, L.P. purchased 152,000 shares of Bank Of New York Mellon Corp. stock in a transaction that occurred on Friday, July 22nd. The shares were bought at an average price of $38.87 per share, for a total transaction of $5,908,240.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.40% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Searle & CO. purchased a new position in Bank Of New York Mellon Corp. during the third quarter worth $253,000. Advisory Services Network LLC boosted its position in Bank Of New York Mellon Corp. by 6.9% in the third quarter. Advisory Services Network LLC now owns 2,669 shares of the company’s stock worth $106,000 after buying an additional 173 shares during the period. Woodstock Corp boosted its position in Bank Of New York Mellon Corp. by 0.7% in the third quarter. Woodstock Corp now owns 48,594 shares of the company’s stock worth $1,938,000 after buying an additional 325 shares during the period. BNP Paribas Arbitrage SA boosted its position in Bank Of New York Mellon Corp. by 14.0% in the third quarter. BNP Paribas Arbitrage SA now owns 271,988 shares of the company’s stock worth $10,847,000 after buying an additional 33,472 shares during the period. Finally, Beacon Financial Group boosted its position in Bank Of New York Mellon Corp. by 2.1% in the third quarter. Beacon Financial Group now owns 80,655 shares of the company’s stock worth $3,150,000 after buying an additional 1,648 shares during the period. Institutional investors and hedge funds own 81.93% of the company’s stock.
Bank Of New York Mellon Corp. Company Profile
The Bank of New York Mellon Corporation (BNY Mellon) 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 credit-related services; the leasing portfolio; corporate treasury activities, including its investment securities portfolio; its equity interest in ConvergEx Group; business exits, and corporate overhead.
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