Bank of New York Mellon (NYSE:BK) announced its quarterly earnings results on Friday. The bank reported $0.98 EPS for the quarter, beating the consensus estimate of $0.94 by $0.04, RTT News reports. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.83 billion. Bank of New York Mellon had a return on equity of 10.34% and a net margin of 22.31%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 earnings per share.
Shares of BK stock opened at $37.23 on Friday. Bank of New York Mellon has a fifty-two week low of $26.40 and a fifty-two week high of $51.60. The firm has a market capitalization of $32.98 billion, a price-to-earnings ratio of 8.01, a PEG ratio of 1.20 and a beta of 1.04. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.68 and a current ratio of 0.68. The stock’s 50-day simple moving average is $35.86 and its 200-day simple moving average is $36.44.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, October 28th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.33%. Bank of New York Mellon’s payout ratio is 30.85%.
In related news, EVP Mitchell E. Harris sold 35,000 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of $35.75, for a total transaction of $1,251,250.00. Following the completion of the sale, the executive vice president now owns 145,425 shares of the company’s stock, valued at $5,198,943.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.12% of the company’s stock.
Several equities analysts have recently commented on BK shares. Morgan Stanley cut their price target on Bank of New York Mellon from $42.00 to $38.00 and set an “underweight” rating on the stock in a research note on Monday, October 5th. Jefferies Financial Group upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their target price for the company from $40.00 to $45.00 in a research note on Wednesday, July 8th. Citigroup cut their target price on Bank of New York Mellon from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, July 17th. Deutsche Bank Aktiengesellschaft cut their target price on Bank of New York Mellon from $41.00 to $40.00 and set a “hold” rating on the stock in a research note on Thursday, July 9th. Finally, UBS Group cut their target price on Bank of New York Mellon from $43.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday, October 6th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $44.56.
About Bank of New York Mellon
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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