Bank of New York Mellon (NYSE:BK) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Bank of New York Mellon (NYSE:BK) released its quarterly earnings results on Tuesday. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.19 by $0.10, RTT News reports. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the firm posted $1.13 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year.

Bank of New York Mellon Stock Up 1.4 %

NYSE:BK opened at $55.24 on Friday. The firm has a market capitalization of $41.58 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 1.15 and a beta of 1.12. The stock has a 50 day moving average of $55.74 and a 200-day moving average of $51.13. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

Analysts Set New Price Targets

Several research firms recently commented on BK. Evercore ISI boosted their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. Bank of America upped their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Financial Group upped their price objective on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday. Finally, UBS Group upped their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $59.15.

Insider Activity

In related news, VP Catherine Keating sold 4,498 shares of the stock in a transaction that occurred on 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 transaction, the vice president now directly owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BK. Norges Bank bought a new position in Bank of New York Mellon during the 4th quarter valued at $503,489,000. Moneta Group Investment Advisors LLC lifted its position in shares of Bank of New York Mellon by 74,433.7% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,114,741 shares of the bank’s stock valued at $278,343,000 after acquiring an additional 6,106,537 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,500,651 shares of the bank’s stock valued at $3,877,759,000 after acquiring an additional 4,292,951 shares during the last quarter. Barclays PLC lifted its position in shares of Bank of New York Mellon by 126.2% during the 2nd quarter. Barclays PLC now owns 2,885,446 shares of the bank’s stock valued at $128,462,000 after acquiring an additional 1,609,730 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $66,916,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Company Profile

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.