Zacks Research Comments on The Bank of New York Mellon Co.’s Q2 2024 Earnings (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Research analysts at Zacks Research boosted their Q2 2024 EPS estimates for Bank of New York Mellon in a research report issued on Tuesday, May 7th. Zacks Research analyst R. Department now expects that the bank will earn $1.37 per share for the quarter, up from their previous estimate of $1.35. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.43 per share. Zacks Research also issued estimates for Bank of New York Mellon’s Q3 2024 earnings at $1.32 EPS, Q4 2024 earnings at $1.35 EPS, FY2024 earnings at $5.32 EPS, Q2 2025 earnings at $1.46 EPS, Q3 2025 earnings at $1.41 EPS, Q4 2025 earnings at $1.48 EPS, Q1 2026 earnings at $1.45 EPS and FY2026 earnings at $6.75 EPS.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.13 earnings per share.

Several other research firms have also weighed in on BK. Evercore ISI lifted their price objective on shares of 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 boosted their price target on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Citigroup raised their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Bank of America raised their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Finally, Jefferies Financial Group upped their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

Bank of New York Mellon Price Performance

Shares of BK opened at $57.51 on Thursday. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The stock has a market cap of $43.30 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 1.23 and a beta of 1.11. The stock’s 50-day moving average price is $56.25 and its two-hundred day moving average price is $52.64. Bank of New York Mellon has a 1 year low of $39.65 and a 1 year high of $58.28.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s payout ratio is 40.98%.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the sale, the executive vice president now directly owns 100,404 shares in the company, valued at $5,637,684.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP J Kevin Mccarthy sold 40,000 shares of the stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares in the company, valued at approximately $5,637,684.60. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently modified their holdings of the business. Wetzel Investment Advisors Inc. grew its holdings in Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after acquiring an additional 230 shares during the last quarter. Atlantic Edge Private Wealth Management LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at $28,000. Able Wealth Management LLC bought a new position in Bank of New York Mellon during the 4th quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Bank of New York Mellon during the 1st quarter worth about $32,000. Finally, Hartford Financial Management Inc. increased its stake in shares of Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after buying an additional 183 shares during the period. Institutional investors own 85.31% of the company’s stock.

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.