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

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

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $54.47 on Thursday. 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 has a 1-year low of $39.65 and a 1-year high of $58.28. The company has a market capitalization of $41.01 billion, a PE ratio of 13.29, a PEG ratio of 1.15 and a beta of 1.12. The business has a fifty day moving average price of $55.73 and a 200-day moving average price of $51.10.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.42 per share. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 3.08%. Bank of New York Mellon’s payout ratio is presently 40.98%.

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following 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 at this link. 0.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BK. Ancora Advisors LLC lifted its position in shares of Bank of New York Mellon by 21.7% during the 1st quarter. Ancora Advisors LLC now owns 3,900 shares of the bank’s stock valued at $184,000 after buying an additional 695 shares in the last quarter. Penserra Capital Management LLC raised its stake in Bank of New York Mellon by 8.4% during the 1st quarter. Penserra Capital Management LLC now owns 3,631 shares of the bank’s stock valued at $180,000 after purchasing an additional 282 shares during the period. Clearstead Advisors LLC raised its stake in Bank of New York Mellon by 248.8% during the 3rd quarter. Clearstead Advisors LLC now owns 4,242 shares of the bank’s stock valued at $163,000 after purchasing an additional 3,026 shares during the period. First Capital Advisors Group LLC. bought a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $132,000. Finally, Compass Wealth Management LLC bought a new stake in Bank of New York Mellon in the 4th quarter worth approximately $119,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BK shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. UBS Group increased their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Evercore ISI increased their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Finally, Citigroup increased their price objective on 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. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $58.17.

About Bank of New York Mellon

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.