$4.06 Billion in Sales Expected for Bank of New York Mellon Corp (BK) This Quarter

Wall Street brokerages expect Bank of New York Mellon Corp (NYSE:BK) to announce sales of $4.06 billion for the current quarter, according to Zacks. Four analysts have made estimates for Bank of New York Mellon’s earnings. The highest sales estimate is $4.11 billion and the lowest is $4.02 billion. Bank of New York Mellon reported sales of $3.81 billion during the same quarter last year, which would suggest a positive year over year growth rate of 6.6%. The business is scheduled to announce its next quarterly earnings results on Thursday, April 19th.

On average, analysts expect that Bank of New York Mellon will report full year sales of $4.06 billion for the current fiscal year, with estimates ranging from $16.37 billion to $16.83 billion. For the next financial year, analysts expect that the firm will post sales of $17.11 billion per share, with estimates ranging from $16.88 billion to $17.53 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Bank of New York Mellon.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 EPS for the quarter, hitting the consensus estimate of $0.91. Bank of New York Mellon had a return on equity of 10.69% and a net margin of 24.72%. The business had revenue of $3.73 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the firm earned $0.77 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year.

Several research firms have recently commented on BK. Vining Sparks reiterated a “hold” rating and set a $60.00 price target on shares of Bank of New York Mellon in a report on Wednesday, January 24th. Morgan Stanley lifted their price target on Bank of New York Mellon from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Barclays reiterated a “buy” rating on shares of Bank of New York Mellon in a report on Sunday, January 21st. Citigroup upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Wednesday, January 10th. Finally, JPMorgan Chase & Co. lowered Bank of New York Mellon from a “neutral” rating to an “underweight” rating and set a $55.50 price target on the stock. in a report on Friday, January 19th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. Bank of New York Mellon presently has a consensus rating of “Hold” and an average price target of $56.76.

Bank of New York Mellon (BK) opened at $54.08 on Friday. Bank of New York Mellon has a fifty-two week low of $45.12 and a fifty-two week high of $58.99. The company has a current ratio of 0.70, a quick ratio of 0.69 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $55,380.00, a price-to-earnings ratio of 14.54, a PEG ratio of 1.76 and a beta of 1.21.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 9th. Investors of record on Tuesday, January 30th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend was Monday, January 29th. Bank of New York Mellon’s payout ratio is 25.81%.

In related news, Director Edward P. Garden sold 143,792 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $52.52, for a total transaction of $7,551,955.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas P. Gibbons sold 38,152 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $54.15, for a total value of $2,065,930.80. Following the sale, the chief financial officer now directly owns 310,002 shares of the company’s stock, valued at $16,786,608.30. The disclosure for this sale can be found here. Insiders have sold a total of 831,944 shares of company stock valued at $43,807,887 over the last three months. Corporate insiders own 3.60% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invictus RG acquired a new position in Bank of New York Mellon in the 3rd quarter valued at about $102,000. Vestpro Financial Partners Inc. dba CPF Texas acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $120,000. Rowland & Co. Investment Counsel ADV acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $124,000. Horan Capital Advisors LLC. acquired a new position in Bank of New York Mellon in the 3rd quarter valued at about $139,000. Finally, Taylor Hoffman Wealth Management acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $144,000. 83.75% of the stock is owned by institutional investors.

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Bank of New York Mellon 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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