$4.06 Billion in Sales Expected for The Bank of New York Mellon (BK) This Quarter

Equities analysts expect The Bank of New York Mellon (NYSE:BK) to report sales of $4.06 billion for the current quarter, Zacks reports. Four analysts have made estimates for The Bank of New York Mellon’s earnings, with estimates ranging from $4.01 billion to $4.10 billion. The Bank of New York Mellon posted sales of $3.81 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 6.6%. The firm is scheduled to issue its next quarterly earnings results before the market opens on Thursday, April 19th.

On average, analysts expect that The Bank of New York Mellon will report full-year sales of $4.06 billion for the current fiscal year, with estimates ranging from $16.48 billion to $16.65 billion. For the next fiscal year, analysts forecast that the company will post sales of $17.10 billion per share, with estimates ranging from $16.92 billion to $17.24 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for The Bank of New York Mellon.

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The Bank of New York Mellon (NYSE:BK) last released its earnings results on Thursday, January 18th. The bank reported $0.91 EPS for the quarter, hitting analysts’ consensus estimates of $0.91. The 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 for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter last year, the business posted $0.77 EPS. The Bank of New York Mellon’s quarterly revenue was down 1.6% compared to the same quarter last year.

BK has been the topic of a number of research analyst reports. Deutsche Bank increased their target price on The Bank of New York Mellon from $64.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, March 6th. Citigroup raised The Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Wednesday, January 10th. Vining Sparks reissued a “buy” rating and issued a $62.00 price target on shares of The Bank of New York Mellon in a report on Monday, January 8th. Zacks Investment Research raised The Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a report on Wednesday, December 20th. Finally, Barclays reissued a “buy” rating on shares of The Bank of New York Mellon in a report on Sunday, January 21st. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. The Bank of New York Mellon has a consensus rating of “Hold” and a consensus target price of $57.53.

In other The Bank of New York Mellon news, Director Trian Fund Management, L.P. bought 360,000 shares of the stock in a transaction that occurred on Friday, March 9th. The shares were purchased at an average cost of $56.67 per share, for a total transaction of $20,401,200.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Bridget E. Engle sold 38,928 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $56.62, for a total value of $2,204,103.36. Following the completion of the sale, the insider now owns 68,046 shares in the company, valued at $3,852,764.52. The disclosure for this sale can be found here. 1.76% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Advisors Asset Management Inc. increased its position in shares of The Bank of New York Mellon by 10.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 16,610 shares of the bank’s stock valued at $881,000 after purchasing an additional 1,512 shares during the period. Eagle Asset Management Inc. increased its position in shares of The Bank of New York Mellon by 907.6% during the 3rd quarter. Eagle Asset Management Inc. now owns 66,430 shares of the bank’s stock valued at $3,563,000 after purchasing an additional 59,837 shares during the period. Trexquant Investment LP acquired a new position in shares of The Bank of New York Mellon during the 3rd quarter valued at $289,000. Dimensional Fund Advisors LP increased its position in shares of The Bank of New York Mellon by 1.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,046,925 shares of the bank’s stock valued at $479,668,000 after purchasing an additional 128,778 shares during the period. Finally, Commerzbank Aktiengesellschaft FI increased its position in shares of The Bank of New York Mellon by 90.6% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 20,839 shares of the bank’s stock valued at $1,105,000 after purchasing an additional 9,906 shares during the period. Hedge funds and other institutional investors own 84.12% of the company’s stock.

NYSE:BK traded up $0.17 during trading hours on Monday, reaching $50.52. 4,566,981 shares of the stock were exchanged, compared to its average volume of 5,055,066. 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 Bank of New York Mellon has a 52 week low of $45.88 and a 52 week high of $58.99. The company has a market cap of $50,840.86, a PE ratio of 14.03, a P/E/G ratio of 1.61 and a beta of 1.22.

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The Bank of New York Mellon Company Profile

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

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