The Bank of New York Mellon Co. (NYSE:BK) Forecasted to Post Q3 2024 Earnings of $1.35 Per Share

The Bank of New York Mellon Co. (NYSE:BK) – Analysts at Seaport Res Ptn cut their Q3 2024 earnings per share estimates for shares of Bank of New York Mellon in a research note issued on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now anticipates that the bank will post earnings of $1.35 per share for the quarter, down from their prior estimate of $1.37. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.33 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s FY2024 earnings at $5.50 EPS, Q1 2025 earnings at $1.32 EPS, Q2 2025 earnings at $1.59 EPS, Q3 2025 earnings at $1.56 EPS, Q4 2025 earnings at $1.69 EPS and FY2025 earnings at $6.15 EPS.

BK has been the subject of a number of other research reports. UBS Group boosted their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Morgan Stanley raised 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 report on Tuesday, January 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Bank of America upped their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Evercore ISI upped their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $58.17.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $54.47 on Thursday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28. The stock has a market capitalization of $41.01 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. The stock has a fifty day moving average of $55.73 and a 200-day moving average of $51.10.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the firm earned $1.13 EPS. Bank of New York Mellon’s revenue was up 3.8% on a year-over-year basis.

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after purchasing an additional 4,293,751 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Bank of New York Mellon by 0.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock valued at $1,030,254,000 after purchasing an additional 144,162 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $813,701,000. Geode Capital Management LLC boosted its position in shares of Bank of New York Mellon by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock valued at $693,747,000 after purchasing an additional 227,602 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Bank of New York Mellon by 8.2% during the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock valued at $403,208,000 after purchasing an additional 715,421 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the sale, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 3.08%. Bank of New York Mellon’s payout ratio is 42.32%.

About Bank of New York Mellon

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.