The Bank of New York Mellon Co. (NYSE:BK) to Post Q2 2024 Earnings of $1.40 Per Share, Seaport Res Ptn Forecasts

The Bank of New York Mellon Co. (NYSE:BK) – Seaport Res Ptn raised their Q2 2024 earnings per share (EPS) estimates for Bank of New York Mellon in a report issued on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now expects that the bank will post earnings of $1.40 per share for the quarter, up from their previous estimate of $1.39. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.40 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.46 EPS.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data 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. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the prior year, the firm posted $1.13 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 3.8% compared to the same quarter last year.

Several other analysts have also recently issued reports on BK. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Citigroup upped their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. UBS Group upped their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Evercore ISI upped their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Finally, Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.06.

Bank of New York Mellon Trading Up 1.9 %

Shares of NYSE BK opened at $56.29 on Friday. The stock’s 50 day moving average price is $55.76 and its two-hundred day moving average price is $51.23. 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 $42.38 billion, a P/E ratio of 13.73, a PEG ratio of 1.15 and a beta of 1.12. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of BK. Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $28,000. Brown Brothers Harriman & Co. lifted its position in shares of Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after acquiring an additional 300 shares during the last quarter. Able Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Bank of New York Mellon in the first quarter valued at $32,000. Finally, Hartford Financial Management Inc. lifted its holdings 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 purchasing an additional 183 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the company’s 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 sale, the vice president now directly owns 123,490 shares in the company, valued at $6,768,486.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a yield of 2.98%. Bank of New York Mellon’s dividend payout ratio (DPR) is 40.98%.

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.