Brokerages expect The Bank of New York Mellon (NYSE:BK) to announce $0.97 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for The Bank of New York Mellon’s earnings. The lowest EPS estimate is $0.93 and the highest is $1.03. The Bank of New York Mellon reported earnings per share of $0.80 in the same quarter last year, which suggests a positive year over year growth rate of 21.3%. The company is expected to report its next quarterly earnings report before the market opens on Thursday, April 19th.
According to Zacks, analysts expect that The Bank of New York Mellon will report full year earnings of $4.03 per share for the current fiscal year, with EPS estimates ranging from $3.90 to $4.15. For the next year, analysts forecast that the company will report earnings of $4.43 per share, with EPS estimates ranging from $4.25 to $4.64. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that cover The Bank of New York Mellon.
The Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.91. The firm had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $4.01 billion. The Bank of New York Mellon had a return on equity of 10.69% and a net margin of 24.72%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same period last year, the company earned $0.77 earnings per share.
A number of research analysts have weighed in on the company. Morgan Stanley upgraded The Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and set a $60.00 price target for the company in a research note on Friday, January 19th. Goldman Sachs downgraded The Bank of New York Mellon from a “buy” rating to a “neutral” rating in a research note on Monday, March 12th. They noted that the move was a valuation call. Deutsche Bank decreased their price target on The Bank of New York Mellon from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Friday. ValuEngine cut The Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Finally, Keefe, Bruyette & Woods set a $57.00 price objective on The Bank of New York Mellon and gave the company a “hold” rating in a research report on Thursday, March 8th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $57.75.
In related news, insider Bridget E. Engle sold 38,928 shares of The Bank of New York Mellon stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $56.62, for a total transaction of $2,204,103.36. Following the completion of the sale, the insider now directly owns 68,046 shares of the company’s stock, valued at approximately $3,852,764.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Trian Fund Management, L.P. purchased 360,000 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The shares were purchased at an average cost of $56.67 per share, with a total value of $20,401,200.00. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Invictus RG bought a new position in The Bank of New York Mellon during the 3rd quarter worth $102,000. Vestpro Financial Partners Inc. dba CPF Texas bought a new position in The Bank of New York Mellon during the 4th quarter worth $120,000. Rowland & Co. Investment Counsel ADV bought a new position in The Bank of New York Mellon during the 4th quarter worth $124,000. Taylor Hoffman Wealth Management bought a new position in The Bank of New York Mellon during the 4th quarter worth $144,000. Finally, Sawyer & Company Inc bought a new position in The Bank of New York Mellon during the 4th quarter worth $164,000. 84.13% of the stock is owned by institutional investors and hedge funds.
BK stock traded down $1.38 during mid-day trading on Friday, reaching $50.35. The company had a trading volume of 5,118,133 shares, compared to its average volume of 5,223,452. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. The company has a market cap of $52,234.31, a price-to-earnings ratio of 13.99, a P/E/G ratio of 1.66 and a beta of 1.22. The Bank of New York Mellon has a 52 week low of $45.88 and a 52 week high of $58.99.
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About The 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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