Bank of New York Mellon (NYSE:BK) Posts Quarterly Earnings Results

Bank of New York Mellon (NYSE:BK) announced its quarterly earnings results on Tuesday. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the previous year, the business earned $1.13 EPS. The firm’s revenue was up 3.8% on a year-over-year basis.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $54.47 on Thursday. The company 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 has a 1-year low of $39.65 and a 1-year high of $58.28. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The firm has a market cap of $41.01 billion, a PE ratio of 13.29, a PEG ratio of 1.15 and a beta of 1.12.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s payout ratio is presently 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 dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the completion of the transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently modified their holdings of BK. Brown Brothers Harriman & Co. boosted its stake in shares of Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after buying an additional 300 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $36,000. Coppell Advisory Solutions Corp. bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $45,000. Pacific Center for Financial Services bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $55,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC raised its holdings in shares of Bank of New York Mellon by 90.3% in the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,311 shares of the bank’s stock valued at $60,000 after purchasing an additional 622 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BK has been the subject of several research analyst reports. Evercore ISI boosted their price target on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Bank of America boosted their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Citigroup boosted their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, Morgan Stanley raised shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target 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.