Brokerages Anticipate Bank of New York Mellon Corp (BK) Will Announce Quarterly Sales of $3.94 Billion

Wall Street brokerages expect Bank of New York Mellon Corp (NYSE:BK) to report sales of $3.94 billion for the current quarter, Zacks reports. Four analysts have provided estimates for Bank of New York Mellon’s earnings, with estimates ranging from $3.90 billion to $3.97 billion. Bank of New York Mellon posted sales of $4.13 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 4.6%. The firm is scheduled to issue its next quarterly earnings results on Thursday, July 18th.

On average, analysts expect that Bank of New York Mellon will report full-year sales of $15.85 billion for the current year, with estimates ranging from $15.78 billion to $15.93 billion. For the next financial year, analysts expect that the company will post sales of $16.20 billion, with estimates ranging from $16.08 billion to $16.31 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Bank of New York Mellon.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, April 17th. The bank reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.02). The company had revenue of $3.90 billion for the quarter, compared to the consensus estimate of $4.01 billion. Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. The business’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.10 earnings per share.

Several research firms have recently issued reports on BK. Zacks Investment Research raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Monday, January 21st. Buckingham Research reduced their target price on Bank of New York Mellon from $56.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, April 18th. Vining Sparks reaffirmed a “buy” rating and issued a $55.00 target price on shares of Bank of New York Mellon in a report on Wednesday, January 23rd. Deutsche Bank upped their target price on Bank of New York Mellon from $57.00 to $58.00 and gave the company a “buy” rating in a report on Friday, March 15th. Finally, Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and reduced their target price for the company from $55.00 to $52.00 in a report on Wednesday, January 9th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $53.75.

In related news, VP Bridget E. Engle sold 22,670 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $52.99, for a total value of $1,201,283.30. Following the transaction, the vice president now owns 92,150 shares in the company, valued at $4,883,028.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,797 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $53.00, for a total value of $307,241.00. Following the completion of the transaction, the insider now owns 18,483 shares in the company, valued at approximately $979,599. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 853,244 shares of company stock valued at $43,210,239. 1.71% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. CIBC World Markets Inc. lifted its stake in Bank of New York Mellon by 2.4% in the first quarter. CIBC World Markets Inc. now owns 112,193 shares of the bank’s stock valued at $5,658,000 after purchasing an additional 2,643 shares during the last quarter. Bremer Bank National Association purchased a new position in Bank of New York Mellon in the first quarter valued at approximately $155,000. Citizens Financial Group Inc RI lifted its stake in Bank of New York Mellon by 6.3% in the first quarter. Citizens Financial Group Inc RI now owns 4,637 shares of the bank’s stock valued at $234,000 after purchasing an additional 275 shares during the last quarter. Advisor Group Inc. lifted its stake in Bank of New York Mellon by 72.5% in the first quarter. Advisor Group Inc. now owns 112,272 shares of the bank’s stock valued at $5,662,000 after purchasing an additional 47,175 shares during the last quarter. Finally, Tech Square Trading LP purchased a new position in Bank of New York Mellon in the first quarter valued at approximately $262,000. Institutional investors and hedge funds own 87.67% of the company’s stock.

BK traded down $0.27 during midday trading on Friday, reaching $47.78. 3,025,331 shares of the company were exchanged, compared to its average volume of 4,931,246. The firm has a market capitalization of $45.88 billion, a P/E ratio of 11.35, a P/E/G ratio of 1.48 and a beta of 1.01. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.70 and a current ratio of 0.68. Bank of New York Mellon has a one year low of $43.67 and a one year high of $58.22.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Monday, April 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, April 26th. Bank of New York Mellon’s dividend payout ratio is presently 26.60%.

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 Bank of New York Mellon (NYSE:BK)

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