Q2 2024 Earnings Forecast for The Bank of New York Mellon Co. Issued By Zacks Research (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Analysts at Zacks Research lifted their Q2 2024 earnings estimates for shares of Bank of New York Mellon in a research note issued to investors on Tuesday, May 7th. Zacks Research analyst R. Department now forecasts that the bank will post earnings per share of $1.37 for the quarter, up from their previous estimate of $1.35. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.43 per share. Zacks Research also issued estimates for Bank of New York Mellon’s Q3 2024 earnings at $1.32 EPS, Q4 2024 earnings at $1.35 EPS, FY2024 earnings at $5.32 EPS, Q2 2025 earnings at $1.46 EPS, Q3 2025 earnings at $1.41 EPS, Q4 2025 earnings at $1.48 EPS, Q1 2026 earnings at $1.45 EPS and FY2026 earnings at $6.75 EPS.

A number of other equities analysts have also recently issued reports on BK. Evercore ISI upped their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Jefferies Financial Group increased their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Finally, Bank of America boosted their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

Bank of New York Mellon Stock Up 1.5 %

BK stock opened at $58.35 on Thursday. The company’s 50 day moving average is $56.28 and its 200 day moving average is $52.68. The stock has a market cap of $43.93 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.23 and a beta of 1.11. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a 1-year low of $39.65 and a 1-year high of $58.52.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. Bank of New York Mellon’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.13 earnings per share.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently made changes to their positions in the stock. Wetzel Investment Advisors Inc. lifted its position in Bank of New York Mellon by 82.1% during the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after acquiring an additional 230 shares during the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $28,000. Able Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter worth $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Bank of New York Mellon during the 1st quarter worth $32,000. Finally, Hartford Financial Management Inc. increased its position in Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after buying an additional 183 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bank of New York Mellon

In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the transaction, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The disclosure for this sale can be found here. Insiders have sold a total of 115,928 shares of company stock valued at $6,475,216 over the last 90 days. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Friday, April 26th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.88%. The ex-dividend date was Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.