Brokerages Expect The Bank of New York Mellon Co. (NYSE:BK) Will Post Quarterly Sales of $4.13 Billion

Wall Street analysts forecast that The Bank of New York Mellon Co. (NYSE:BK – Get Rating) will announce $4.13 billion in sales for the current quarter, according to Zacks. Four analysts have made estimates for Bank of New York Mellon’s earnings. The highest sales estimate is $4.18 billion and the lowest is $4.09 billion. Bank of New York Mellon posted sales of $3.96 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 4.3%. The business is scheduled to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Bank of New York Mellon will report full-year sales of $16.71 billion for the current fiscal year, with estimates ranging from $16.50 billion to $16.83 billion. For the next financial year, analysts anticipate that the company will report sales of $17.89 billion, with estimates ranging from $17.69 billion to $18.16 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Bank of New York Mellon.

Bank of New York Mellon (NYSE:BK – Get Rating) last issued its quarterly earnings results on Monday, April 18th. The bank reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.01. 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 during the quarter, compared to analyst estimates of $3.94 billion. During the same period in the previous year, the company earned $0.97 earnings per share. The company’s quarterly revenue was up .1% compared to the same quarter last year.

A number of brokerages recently commented on BK. Deutsche Bank Aktiengesellschaft cut their target price on Bank of New York Mellon from $62.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday. Keefe, Bruyette & Woods lowered Bank of New York Mellon from an “outperform” rating to a “market perform” rating and upped their target price for the company from $66.00 to $70.00 in a research note on Tuesday, January 11th. Morgan Stanley cut their target price on Bank of New York Mellon from $58.00 to $55.00 and set an “equal weight” rating for the company in a research note on Tuesday. Zacks Investment Research upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research note on Monday, January 10th. Finally, Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and cut their target price for the company from $70.00 to $50.00 in a research note on Monday, April 11th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $58.96.

Shares of BK stock opened at $44.21 on Friday. Bank of New York Mellon has a 12 month low of $44.14 and a 12 month high of $64.63. The firm has a market cap of $35.68 billion, a PE ratio of 10.65, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. The stock has a 50 day moving average of $51.24 and a 200-day moving average of $56.22. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.69.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 11th. Shareholders of record on Thursday, April 28th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Wednesday, April 27th. Bank of New York Mellon’s payout ratio is 32.77%.

A number of large investors have recently added to or reduced their stakes in BK. Commonwealth Equity Services LLC lifted its stake in Bank of New York Mellon by 5.5% in the third quarter. Commonwealth Equity Services LLC now owns 156,357 shares of the bank’s stock valued at $8,105,000 after buying an additional 8,136 shares during the period. Nordea Investment Management AB lifted its stake in Bank of New York Mellon by 96.9% in the third quarter. Nordea Investment Management AB now owns 878,130 shares of the bank’s stock valued at $46,532,000 after buying an additional 432,256 shares during the period. Independent Advisor Alliance acquired a new position in Bank of New York Mellon in the third quarter valued at about $224,000. AE Wealth Management LLC lifted its stake in Bank of New York Mellon by 3.4% in the third quarter. AE Wealth Management LLC now owns 42,064 shares of the bank’s stock valued at $2,181,000 after buying an additional 1,394 shares during the period. Finally, Perigon Wealth Management LLC acquired a new position in Bank of New York Mellon in the third quarter valued at about $344,000. 82.45% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of New York Mellon (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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