Zacks: Analysts Anticipate The Bank of New York Mellon Co. (NYSE:BK) Will Announce Earnings of $1.12 Per Share

Posted by on Jun 1st, 2022

Wall Street brokerages expect The Bank of New York Mellon Co. (NYSE:BK – Get Rating) to post $1.12 earnings per share for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Bank of New York Mellon’s earnings, with the lowest EPS estimate coming in at $1.10 and the highest estimate coming in at $1.15. Bank of New York Mellon posted earnings per share of $1.13 in the same quarter last year, which would suggest a negative year-over-year growth rate of 0.9%. The firm is expected to issue its next quarterly earnings report before the market opens on Monday, January 1st.

According to Zacks, analysts expect that Bank of New York Mellon will report full-year earnings of $4.41 per share for the current year, with EPS estimates ranging from $4.21 to $4.56. For the next year, analysts expect that the firm will post earnings of $5.29 per share, with EPS estimates ranging from $4.73 to $5.60. Zacks’ EPS averages are a mean average based on a survey of research analysts that cover Bank of New York Mellon.

Bank of New York Mellon (NYSE:BK – Get Rating) last posted its earnings results on Monday, April 18th. The bank reported $0.86 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.86. The business had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.94 billion. Bank of New York Mellon had a return on equity of 9.33% and a net margin of 22.31%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 EPS.

BK has been the subject of a number of recent research reports. Credit Suisse Group dropped their target price on Bank of New York Mellon from $66.00 to $63.00 and set an “outperform” rating for the company in a research report on Monday, March 21st. Wells Fargo & Company decreased their price target on Bank of New York Mellon from $70.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 22nd. Citigroup cut Bank of New York Mellon from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $70.00 to $50.00 in a research note on Monday, April 11th. Barclays decreased their price target on Bank of New York Mellon from $74.00 to $68.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 19th. Finally, StockNews.com initiated coverage on Bank of New York Mellon in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Eleven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Hold” and an average price target of $57.21.

Shares of BK traded down $0.92 during trading hours on Wednesday, reaching $45.69. 244,468 shares of the company’s stock traded hands, compared to its average volume of 4,626,409. The stock has a market cap of $36.91 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 1.76 and a beta of 1.15. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.69. The firm’s 50 day simple moving average is $46.20 and its 200-day simple moving average is $53.51. Bank of New York Mellon has a 12 month low of $41.76 and a 12 month high of $64.63.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 11th. Investors of record on Thursday, April 28th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend was Wednesday, April 27th. Bank of New York Mellon’s dividend payout ratio is currently 33.66%.

Several large investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its stake in Bank of New York Mellon by 8.3% during the first quarter. American Century Companies Inc. now owns 14,454,703 shares of the bank’s stock valued at $717,387,000 after buying an additional 1,110,848 shares during the last quarter. Invesco Ltd. boosted its stake in Bank of New York Mellon by 1.8% during the third quarter. Invesco Ltd. now owns 10,807,102 shares of the bank’s stock valued at $560,240,000 after buying an additional 193,129 shares during the last quarter. Norges Bank bought a new position in Bank of New York Mellon during the fourth quarter valued at approximately $555,083,000. LSV Asset Management boosted its stake in Bank of New York Mellon by 3.5% during the first quarter. LSV Asset Management now owns 7,607,994 shares of the bank’s stock valued at $377,585,000 after buying an additional 259,773 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Bank of New York Mellon by 6.9% during the first quarter. Victory Capital Management Inc. now owns 7,474,905 shares of the bank’s stock valued at $367,610,000 after buying an additional 479,927 shares during the last quarter. Hedge funds and other institutional investors own 83.69% of the company’s stock.

Bank of New York Mellon Company Profile (Get Rating)

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, prime brokerage, and data analytics.

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Earnings History and Estimates for Bank of New York Mellon (NYSE:BK)

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