Bank of New York Mellon (NYSE:BK) Releases Earnings Results, Beats Expectations By $0.10 EPS

Bank of New York Mellon (NYSE:BK) released its quarterly earnings data on Tuesday. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10, RTT News reports. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter last year, the company earned $1.13 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year.

Bank of New York Mellon Stock Performance

Shares of BK opened at $54.40 on Thursday. Bank of New York Mellon has a one year low of $39.65 and a one year high of $58.28. The company has a 50-day moving average of $55.73 and a two-hundred day moving average of $51.10. The stock has a market cap of $40.96 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 1.15 and a beta of 1.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s payout ratio is 40.98%.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 4,498 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the sale, the vice president now directly owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by insiders.

Institutional Trading of Bank of New York Mellon

Hedge funds have recently made changes to their positions in the stock. Quilter Plc purchased a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $446,850,000. Brown Brothers Harriman & Co. raised its position in Bank of New York Mellon by 97.1% during the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after acquiring an additional 300 shares in the last quarter. Sunbelt Securities Inc. bought a new position in Bank of New York Mellon during the first quarter valued at approximately $36,000. Coppell Advisory Solutions Corp. bought a new position in Bank of New York Mellon during the fourth quarter valued at approximately $45,000. Finally, Pacific Center for Financial Services bought a new position in Bank of New York Mellon during the first quarter valued at approximately $55,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BK. Citigroup increased their price objective on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Morgan Stanley upgraded shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $52.00 to $62.00 in a research report on Tuesday, January 30th. Bank of America increased their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $58.17.

Bank of New York Mellon Company Profile

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.