Research Analysts Offer Predictions for Bank of New York Mellon Corp’s FY2017 Earnings (BK)

Bank of New York Mellon Corp (NYSE:BK) – Jefferies Group increased their FY2017 earnings per share (EPS) estimates for Bank of New York Mellon in a report released on Tuesday, according to Zacks Investment Research. Jefferies Group analyst K. Usdin now anticipates that the bank will post earnings of $3.54 per share for the year, up from their previous forecast of $3.53. Jefferies Group currently has a “Hold” rating on the stock. Jefferies Group also issued estimates for Bank of New York Mellon’s Q4 2017 earnings at $0.91 EPS, Q1 2018 earnings at $0.97 EPS, Q3 2018 earnings at $1.10 EPS and Q4 2018 earnings at $1.05 EPS.

Several other brokerages have also issued reports on BK. Vining Sparks reiterated a “hold” rating and set a $60.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, January 24th. Morgan Stanley increased their price objective on Bank of New York Mellon from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday. Barclays reiterated a “buy” rating on shares of Bank of New York Mellon in a report on Sunday, January 21st. Citigroup raised shares of Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Wednesday, January 10th. Finally, Sandler O’Neill reissued a “hold” rating and set a $58.00 target price on shares of Bank of New York Mellon in a research report on Friday, January 19th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $56.76.

Shares of Bank of New York Mellon (BK) traded down $1.17 during trading hours on Wednesday, hitting $56.33. The company had a trading volume of 4,359,936 shares, compared to its average volume of 4,150,000. The company has a current ratio of 0.70, a quick ratio of 0.69 and a debt-to-equity ratio of 0.82. Bank of New York Mellon has a twelve month low of $44.50 and a twelve month high of $58.99. The stock has a market capitalization of $58,200.00, a price-to-earnings ratio of 15.14, a price-to-earnings-growth ratio of 1.80 and a beta of 1.21.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share (EPS) for the quarter, meeting the Zacks’ 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 company had revenue of $3.73 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the company earned $0.77 earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis.

A number of hedge funds have recently added to or reduced their stakes in BK. Logan Capital Management Inc. lifted its stake in Bank of New York Mellon by 1.6% during the second quarter. Logan Capital Management Inc. now owns 4,656 shares of the bank’s stock worth $238,000 after purchasing an additional 74 shares during the period. National Asset Management Inc. lifted its stake in Bank of New York Mellon by 0.4% during the second quarter. National Asset Management Inc. now owns 18,484 shares of the bank’s stock worth $944,000 after purchasing an additional 75 shares during the period. Bfsg LLC lifted its stake in Bank of New York Mellon by 0.5% during the second quarter. Bfsg LLC now owns 34,696 shares of the bank’s stock worth $1,770,000 after purchasing an additional 166 shares during the period. First Commonwealth Financial Corp PA lifted its stake in Bank of New York Mellon by 4.1% during the second quarter. First Commonwealth Financial Corp PA now owns 4,490 shares of the bank’s stock worth $229,000 after purchasing an additional 175 shares during the period. Finally, Clear Perspective Advisors LLC lifted its stake in Bank of New York Mellon by 1.5% during the second quarter. Clear Perspective Advisors LLC now owns 11,675 shares of the bank’s stock worth $596,000 after purchasing an additional 175 shares during the period. 83.75% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Edward P. Garden sold 143,792 shares of Bank of New York Mellon 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edward P. Garden sold 650,000 shares of Bank of New York Mellon stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $52.60, for a total value of $34,190,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 831,944 shares of company stock worth $43,807,887. 3.60% of the stock is currently owned by company insiders.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Tuesday, January 30th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Monday, January 29th. Bank of New York Mellon’s dividend payout ratio is currently 25.81%.

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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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