Zacks: Analysts Expect Bank of New York Mellon Corp (NYSE:BK) to Post $0.99 EPS

Analysts forecast that Bank of New York Mellon Corp (NYSE:BK) will announce earnings per share of $0.99 for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Bank of New York Mellon’s earnings, with the lowest EPS estimate coming in at $0.95 and the highest estimate coming in at $1.02. Bank of New York Mellon posted earnings per share of $1.06 in the same quarter last year, which would indicate a negative year over year growth rate of 6.6%. The firm is scheduled to issue its next quarterly earnings results before the market opens on Wednesday, October 16th.

According to Zacks, analysts expect that Bank of New York Mellon will report full-year earnings of $3.94 per share for the current financial year, with EPS estimates ranging from $3.87 to $4.02. For the next financial year, analysts expect that the company will report earnings of $4.14 per share, with EPS estimates ranging from $3.97 to $4.36. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that follow Bank of New York Mellon.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. Bank of New York Mellon had a net margin of 19.93% and a return on equity of 10.74%. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter last year, the firm earned $1.03 earnings per share. Bank of New York Mellon’s quarterly revenue was down 5.2% on a year-over-year basis.

BK has been the subject of a number of analyst reports. Deutsche Bank lowered their target price on shares of Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 21st. ValuEngine raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley lowered their target price on shares of Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating for the company in a research note on Friday, October 4th. Wolfe Research raised shares of Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 2nd. Finally, UBS Group lowered their target price on shares of Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $48.50.

Shares of NYSE BK opened at $44.12 on Wednesday. Bank of New York Mellon has a twelve month low of $40.52 and a twelve month high of $54.27. The firm has a fifty day simple moving average of $43.89 and a 200 day simple moving average of $45.75. The company has a market capitalization of $41.59 billion, a PE ratio of 10.48, a P/E/G ratio of 1.32 and a beta of 1.12. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.79.

Bank of New York Mellon announced that its board has authorized a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $3.94 billion in shares. This repurchase authorization authorizes the bank to purchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

In related news, Vice Chairman William M. Daley purchased 11,350 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was purchased at an average cost of $44.93 per share, with a total value of $509,955.50. Following the completion of the purchase, the insider now owns 5,700 shares in the company, valued at approximately $256,101. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of Bank of New York Mellon stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the completion of the sale, the insider now directly owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of BK. Longview Partners Guernsey LTD increased its position in shares of Bank of New York Mellon by 31.4% during the second quarter. Longview Partners Guernsey LTD now owns 26,407,419 shares of the bank’s stock worth $1,165,888,000 after acquiring an additional 6,313,870 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of Bank of New York Mellon by 8.2% during the second quarter. Macquarie Group Ltd. now owns 15,625,495 shares of the bank’s stock worth $689,865,000 after acquiring an additional 1,190,481 shares in the last quarter. Invesco Ltd. increased its position in shares of Bank of New York Mellon by 17.3% during the second quarter. Invesco Ltd. now owns 7,626,951 shares of the bank’s stock worth $336,730,000 after acquiring an additional 1,126,449 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Bank of New York Mellon by 3.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 4,795,269 shares of the bank’s stock worth $211,712,000 after acquiring an additional 145,787 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in shares of Bank of New York Mellon by 14,319.7% during the second quarter. Nuveen Asset Management LLC now owns 4,289,149 shares of the bank’s stock worth $189,366,000 after acquiring an additional 4,259,404 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

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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