Wall Street brokerages predict that Bank of New York Mellon Corp (NYSE:BK) will post earnings of $0.97 per share for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Bank of New York Mellon’s earnings, with estimates ranging from $0.93 to $1.00. Bank of New York Mellon reported earnings of $0.94 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 3.2%. The business is scheduled to report its next earnings results before the market opens on Thursday, April 16th.
According to Zacks, analysts expect that Bank of New York Mellon will report full year earnings of $4.16 per share for the current financial year, with EPS estimates ranging from $4.00 to $4.22. For the next financial year, analysts anticipate that the company will post earnings of $4.37 per share, with EPS estimates ranging from $3.91 to $4.55. Zacks Investment Research’s EPS calculations 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) last issued its earnings results on Thursday, January 16th. The bank reported $1.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.02. Bank of New York Mellon had a return on equity of 10.49% and a net margin of 21.39%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same period in the previous year, the company posted $0.99 EPS. The firm’s revenue for the quarter was down .5% compared to the same quarter last year.
Several research analysts have recently commented on BK shares. Royal Bank of Canada reiterated a “hold” rating and set a $52.00 target price on shares of Bank of New York Mellon in a research note on Monday, January 20th. Evercore ISI reiterated a “sell” rating and set a $49.00 target price on shares of Bank of New York Mellon in a research note on Monday, January 20th. Deutsche Bank reduced their target price on Bank of New York Mellon from $54.00 to $53.00 and set a “hold” rating for the company in a research note on Thursday, December 19th. Credit Suisse Group upgraded Bank of New York Mellon from a “neutral” rating to an “outperform” rating and set a $54.00 target price for the company in a research note on Tuesday, January 21st. Finally, Buckingham Research reduced their target price on Bank of New York Mellon from $56.00 to $53.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $51.50.
Shares of NYSE BK traded down $0.79 during midday trading on Friday, hitting $45.04. 5,058,517 shares of the company’s stock were exchanged, compared to its average volume of 4,816,603. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.74. Bank of New York Mellon has a 12 month low of $40.52 and a 12 month high of $54.27. The company’s 50 day moving average price is $47.37 and its 200 day moving average price is $46.65. The firm has a market capitalization of $42.26 billion, a PE ratio of 9.92, a price-to-earnings-growth ratio of 1.44 and a beta of 1.11.
The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were issued a dividend of $0.31 per share. The ex-dividend date was Friday, January 24th. This represents a $1.24 annualized dividend and a yield of 2.75%. Bank of New York Mellon’s payout ratio is currently 30.85%.
A number of large investors have recently added to or reduced their stakes in BK. NWK Group Inc. acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $25,000. FSA Wealth Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $25,000. Ameritas Investment Company LLC raised its holdings in Bank of New York Mellon by 1,205.1% in the 4th quarter. Ameritas Investment Company LLC now owns 509 shares of the bank’s stock valued at $26,000 after acquiring an additional 470 shares in the last quarter. Princeton Global Asset Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $27,000. Finally, Howard Wealth Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at $28,000. 80.87% of the stock is owned by institutional investors and hedge funds.
About Bank of New York Mellon
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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