Brokerages Anticipate Bank Of New York Mellon Corporation (The) (BK) Will Post Earnings of $0.91 Per Share

Wall Street brokerages expect that Bank Of New York Mellon Corporation (The) (NYSE:BK) will post earnings of $0.91 per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Bank Of New York Mellon’s earnings. The lowest EPS estimate is $0.88 and the highest is $0.93. Bank Of New York Mellon posted earnings of $0.77 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 18.2%. The business is expected to announce its next quarterly earnings results on Thursday, January 18th.

On average, analysts expect that Bank Of New York Mellon will report full year earnings of $3.54 per share for the current financial year, with EPS estimates ranging from $3.51 to $3.57. For the next year, analysts anticipate that the firm will post earnings of $3.89 per share, with EPS estimates ranging from $3.75 to $3.97. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that cover Bank Of New York Mellon.

Bank Of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, October 19th. The bank reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.99 billion. Bank Of New York Mellon had a return on equity of 10.51% and a net margin of 23.14%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS.

BK has been the subject of several analyst reports. Zacks Investment Research lowered Bank Of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Royal Bank Of Canada restated a “hold” rating and issued a $58.00 price objective on shares of Bank Of New York Mellon in a research note on Thursday, August 31st. UBS lowered Bank Of New York Mellon from a “buy” rating to a “neutral” rating and set a $56.00 price objective for the company. in a research note on Friday, September 8th. Goldman Sachs Group restated a “buy” rating and issued a $58.00 price objective (up from $52.85) on shares of Bank Of New York Mellon in a research note on Friday, October 20th. Finally, Jefferies Group restated a “hold” rating and issued a $56.00 price objective on shares of Bank Of New York Mellon in a research note on Friday, September 15th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $55.28.

Bank Of New York Mellon (NYSE:BK) traded up $0.52 during midday trading on Friday, hitting $54.97. The stock had a trading volume of 5,985,800 shares, compared to its average volume of 4,596,880. The company has a market cap of $55,758.00, a PE ratio of 15.69, a price-to-earnings-growth ratio of 1.98 and a beta of 1.22. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.69 and a quick ratio of 0.69. Bank Of New York Mellon has a 12-month low of $43.85 and a 12-month high of $55.40.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Tuesday, October 31st were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, October 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.75%. Bank Of New York Mellon’s payout ratio is presently 28.07%.

In other Bank Of New York Mellon news, Director Edward P. Garden sold 143,792 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $52.52, for a total value of $7,551,955.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Brian T. Shea sold 22,228 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $51.26, for a total value of $1,139,407.28. Following the completion of the sale, the insider now owns 181,815 shares of the company’s stock, valued at approximately $9,319,836.90. The disclosure for this sale can be found here. Insiders sold a total of 7,670,182 shares of company stock valued at $402,890,932 in the last quarter. 3.60% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the business. Invictus RG purchased a new position in shares of Bank Of New York Mellon during the third quarter valued at about $102,000. First Interstate Bank grew its position in shares of Bank Of New York Mellon by 56.2% during the second quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock valued at $119,000 after purchasing an additional 842 shares in the last quarter. Hudock Capital Group LLC grew its position in shares of Bank Of New York Mellon by 0.3% during the second quarter. Hudock Capital Group LLC now owns 2,556 shares of the bank’s stock valued at $130,000 after purchasing an additional 7 shares in the last quarter. Advisory Services Network LLC grew its position in shares of Bank Of New York Mellon by 15.5% during the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock valued at $138,000 after purchasing an additional 363 shares in the last quarter. Finally, Burt Wealth Advisors grew its position in shares of Bank Of New York Mellon by 2,186.7% during the second quarter. Burt Wealth Advisors now owns 2,744 shares of the bank’s stock valued at $139,000 after purchasing an additional 2,624 shares in the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

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

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