Bank of New York Mellon Corp (BK) Releases Earnings Results, Meets Estimates
Bank of New York Mellon Corp (NYSE:BK) released its earnings results on Thursday. The bank reported $0.80 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.80. The company earned $3.84 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Bank of New York Mellon Corp had a return on equity of 9.74% and a net margin of 22.64%. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.74 EPS.
Shares of Bank of New York Mellon Corp (NYSE:BK) opened at 46.86 on Thursday. Bank of New York Mellon Corp has a 12-month low of $35.72 and a 12-month high of $49.54. The company has a market cap of $48.62 billion, a price-to-earnings ratio of 14.88 and a beta of 1.32. The firm has a 50 day moving average price of $47.33 and a 200-day moving average price of $46.02.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 12th. Shareholders of record on Tuesday, May 2nd will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.62%. Bank of New York Mellon Corp’s payout ratio is 24.05%.
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BK has been the subject of a number of research analyst reports. Barclays PLC raised their target price on Bank of New York Mellon Corp from $48.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. JPMorgan Chase & Co. lowered Bank of New York Mellon Corp from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $47.50 to $49.00 in a research report on Friday, January 6th. Raymond James Financial, Inc. raised Bank of New York Mellon Corp from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $50.00 to $57.00 in a research report on Wednesday, December 28th. Citigroup Inc raised Bank of New York Mellon Corp from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $50.00 to $57.00 in a research report on Wednesday, December 28th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods set a $49.00 price objective on Bank of New York Mellon Corp and gave the company a “hold” rating in a research report on Tuesday, April 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $50.92.
In other Bank of New York Mellon Corp news, Vice Chairman Brian T. Shea sold 199,676 shares of the stock in a transaction dated Wednesday, February 8th. The stock was sold at an average price of $45.07, for a total transaction of $8,999,397.32. Following the sale, the insider now directly owns 348,486 shares of the company’s stock, valued at approximately $15,706,264.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.40% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in BK. Roble Belko & Company Inc increased its stake in shares of Bank of New York Mellon Corp by 25.1% in the third quarter. Roble Belko & Company Inc now owns 2,502 shares of the bank’s stock valued at $100,000 after buying an additional 502 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in Bank of New York Mellon Corp by 1.9% in the third quarter. Quadrant Capital Group LLC now owns 3,641 shares of the bank’s stock worth $139,000 after buying an additional 69 shares during the period. SRB Corp boosted its stake in Bank of New York Mellon Corp by 12.9% in the third quarter. SRB Corp now owns 3,903 shares of the bank’s stock worth $156,000 after buying an additional 447 shares during the period. Wellington Shields & Co. LLC acquired a new stake in Bank of New York Mellon Corp during the third quarter worth approximately $203,000. Finally, Scotia Capital Inc. acquired a new stake in Bank of New York Mellon Corp during the fourth quarter worth approximately $204,000. 82.83% of the stock is currently owned by institutional investors.
Bank of New York Mellon Corp Company Profile
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.
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