Brokers Set Expectations for The Bank of New York Mellon Co.’s Q2 2024 Earnings (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Equities researchers at Zacks Research boosted their Q2 2024 earnings per share (EPS) estimates for shares of Bank of New York Mellon in a report released on Tuesday, May 7th. Zacks Research analyst R. Department now anticipates that the bank will post earnings of $1.37 per share for the quarter, up from their previous forecast 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 issued 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. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate 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 business’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.13 earnings per share.

A number of other analysts have also issued reports on the stock. Evercore ISI raised their target price 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 report on Thursday, April 4th. Jefferies Financial Group increased their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Citigroup raised their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Bank of America increased their target price 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, Morgan Stanley boosted their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” 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 company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $58.35 on Thursday. The firm’s 50-day moving average is $56.28 and its two-hundred day moving average is $52.68. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72. The stock has a market capitalization of $43.93 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.23 and a beta of 1.11. Bank of New York Mellon has a 12-month low of $39.65 and a 12-month high of $58.52.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend was Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is 40.98%.

Insider Buying and Selling

In related news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

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