Bank of New York Mellon (NYSE:BK) Announces Quarterly Earnings Results

Bank of New York Mellon (NYSE:BK – Get Rating) issued its quarterly earnings results on Monday. The bank reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.01, MarketWatch Earnings reports. Bank of New York Mellon had a return on equity of 9.51% and a net margin of 23.26%. The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.94 billion. During the same quarter in the prior year, the business earned $0.97 EPS. Bank of New York Mellon’s revenue was up .1% on a year-over-year basis.

BK opened at $46.21 on Tuesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.65 and a quick ratio of 0.65. The business has a 50 day simple moving average of $52.58 and a 200-day simple moving average of $56.47. The stock has a market capitalization of $37.30 billion, a P/E ratio of 11.13, a P/E/G ratio of 1.71 and a beta of 1.12. Bank of New York Mellon has a 12 month low of $44.99 and a 12 month high of $64.63.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 11th. Shareholders of record on Thursday, April 28th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, April 27th. This represents a $1.36 dividend on an annualized basis and a yield of 2.94%. Bank of New York Mellon’s payout ratio is 32.77%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Carroll Investors Inc acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $25,000. First Community Trust NA acquired a new position in Bank of New York Mellon during the fourth quarter worth $58,000. Penserra Capital Management LLC raised its holdings in Bank of New York Mellon by 15.1% during the fourth quarter. Penserra Capital Management LLC now owns 3,349 shares of the bank’s stock worth $194,000 after purchasing an additional 440 shares during the last quarter. Oliver Luxxe Assets LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $219,000. Finally, Colony Group LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $226,000. 82.45% of the stock is owned by institutional investors and hedge funds.

BK has been the topic of a number of recent analyst reports. Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating and set a $55.00 price objective on the stock. in a report on Thursday, March 31st. Barclays increased their price objective on Bank of New York Mellon from $62.00 to $74.00 in a report on Monday, January 3rd. Deutsche Bank Aktiengesellschaft dropped their price objective on Bank of New York Mellon from $74.00 to $62.00 in a report on Thursday, April 7th. Zacks Investment Research upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a report on Monday, January 10th. Finally, Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $70.00 to $50.00 in a report on Monday, April 11th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $60.73.

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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