Analysts expect Bank of New York Mellon Corp (NYSE:BK) to announce $3.97 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Bank of New York Mellon Corp’s earnings. The highest sales estimate is $4.00 billion and the lowest is $3.96 billion. Bank of New York Mellon Corp reported sales of $3.79 billion during the same quarter last year, which indicates a positive year over year growth rate of 4.7%. The company is scheduled to report its next quarterly earnings report on Thursday, January 18th.

According to Zacks, analysts expect that Bank of New York Mellon Corp will report full-year sales of $3.97 billion for the current fiscal year, with estimates ranging from $15.73 billion to $15.86 billion. For the next financial year, analysts anticipate that the firm will report sales of $16.41 billion per share, with estimates ranging from $16.18 billion to $16.61 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Bank of New York Mellon Corp.

Bank of New York Mellon Corp (NYSE:BK) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. Bank of New York Mellon Corp had a return on equity of 10.65% and a net margin of 25.40%. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. The business’s revenue was up 1.9% on a year-over-year basis.

A number of brokerages have recently commented on BK. BidaskClub upgraded Bank of New York Mellon Corp from a “hold” rating to a “buy” rating in a report on Sunday, August 6th. Citigroup Inc reiterated a “neutral” rating and issued a $56.00 target price (up previously from $53.00) on shares of Bank of New York Mellon Corp in a report on Monday, October 9th. Jefferies Group LLC reiterated a “hold” rating on shares of Bank of New York Mellon Corp in a report on Friday, October 20th. Credit Suisse Group reiterated a “hold” rating and issued a $55.00 target price on shares of Bank of New York Mellon Corp in a report on Tuesday, October 10th. Finally, Buckingham Research reiterated a “neutral” rating and issued a $57.00 target price (up previously from $52.00) on shares of Bank of New York Mellon Corp in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Bank of New York Mellon Corp presently has a consensus rating of “Hold” and a consensus price target of $55.28.

COPYRIGHT VIOLATION WARNING: This story was originally published by American Banking News and is the property of of American Banking News. If you are reading this story on another publication, it was stolen and republished in violation of U.S. and international copyright & trademark laws. The correct version of this story can be read at https://www.americanbankingnews.com/2017/10/26/bank-of-new-york-mellon-corp-bk-expected-to-post-quarterly-sales-of-3-97-billion.html.

In other Bank of New York Mellon Corp news, Vice Chairman Thomas P. Gibbons sold 184,380 shares of Bank of New York Mellon Corp stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $53.95, for a total transaction of $9,947,301.00. Following the completion of the sale, the insider now directly owns 455,927 shares of the company’s stock, valued at approximately $24,597,261.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Charles W. Scharf bought 186,900 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were purchased at an average cost of $53.82 per share, with a total value of $10,058,958.00. Following the completion of the transaction, the chief executive officer now owns 73,640 shares in the company, valued at $3,963,304.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 17,761,019 shares of company stock valued at $939,813,259. 3.60% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of BK. Evergreen Capital Management LLC raised its position in shares of Bank of New York Mellon Corp by 44.4% in the 1st quarter. Evergreen Capital Management LLC now owns 114,406 shares of the bank’s stock worth $5,403,000 after acquiring an additional 35,155 shares in the last quarter. Chesapeake Asset Management LLC raised its position in shares of Bank of New York Mellon Corp by 195.5% in the 1st quarter. Chesapeake Asset Management LLC now owns 31,140 shares of the bank’s stock worth $1,471,000 after acquiring an additional 20,601 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its position in shares of Bank of New York Mellon Corp by 354.4% in the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 49,980 shares of the bank’s stock worth $2,367,000 after acquiring an additional 38,980 shares in the last quarter. NN Investment Partners Holdings N.V. raised its position in shares of Bank of New York Mellon Corp by 1.7% in the 1st quarter. NN Investment Partners Holdings N.V. now owns 202,728 shares of the bank’s stock worth $9,574,000 after acquiring an additional 3,407 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co raised its position in shares of Bank of New York Mellon Corp by 4.5% in the 1st quarter. Meiji Yasuda Life Insurance Co now owns 70,450 shares of the bank’s stock worth $3,327,000 after acquiring an additional 3,040 shares in the last quarter. 81.82% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of New York Mellon Corp (BK) traded up 0.879% during mid-day trading on Thursday, reaching $52.205. The company’s stock had a trading volume of 4,561,946 shares. The company has a market cap of $53.94 billion, a PE ratio of 15.482 and a beta of 1.15. The company has a 50-day moving average price of $52.88 and a 200 day moving average price of $50.74. Bank of New York Mellon Corp has a 52-week low of $41.93 and a 52-week high of $55.29.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Tuesday, October 31st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Monday, October 30th. Bank of New York Mellon Corp’s dividend payout ratio (DPR) is presently 28.07%.

Bank of New York Mellon Corp announced that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that permits the company to buyback $3.10 billion in shares. This buyback authorization permits the bank to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

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.

Get a free copy of the Zacks research report on Bank of New York Mellon Corp (BK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Bank of New York Mellon Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon Corp and related companies with MarketBeat.com's FREE daily email newsletter.