Bank of New York Mellon (NYSE:BK) Issues Earnings Results, Beats Expectations By $0.04 EPS

Bank of New York Mellon (NYSE:BK) announced its earnings results on Friday. The bank reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.04, MarketWatch Earnings reports. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.83 billion. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 10.34%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.07 EPS.

Shares of BK stock opened at $38.02 on Friday. Bank of New York Mellon has a 12 month low of $26.40 and a 12 month high of $51.60. The stock has a market cap of $33.68 billion, a P/E ratio of 8.18, a P/E/G ratio of 1.20 and a beta of 1.04. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.74. The company has a 50 day simple moving average of $35.87 and a two-hundred day simple moving average of $36.47.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, October 28th will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Tuesday, October 27th. This represents a $1.24 annualized dividend and a dividend yield of 3.26%. Bank of New York Mellon’s payout ratio is 30.85%.

In other Bank of New York Mellon news, EVP Mitchell E. Harris sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of $35.75, for a total transaction of $1,251,250.00. Following the completion of the sale, the executive vice president now directly owns 145,425 shares of the company’s stock, valued at $5,198,943.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.12% of the stock is currently owned by corporate insiders.

A number of equities research analysts have recently weighed in on BK shares. ValuEngine raised shares of Bank of New York Mellon from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Citigroup cut their target price on shares of Bank of New York Mellon from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, July 17th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Bank of New York Mellon from $41.00 to $40.00 and set a “hold” rating on the stock in a research note on Thursday, July 9th. Jefferies Financial Group raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their target price for the company from $40.00 to $45.00 in a research note on Wednesday, July 8th. Finally, Morgan Stanley cut their target price on shares of Bank of New York Mellon from $42.00 to $38.00 and set an “underweight” rating on the stock in a research note on Monday, October 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Bank of New York Mellon currently has an average rating of “Hold” and a consensus price target of $44.56.

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 for Bank of New York Mellon (NYSE:BK)

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