The Bank of New York Mellon (NYSE:BK) announced its earnings results on Tuesday. The bank reported $0.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.05, RTT News reports. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.84 billion. The Bank of New York Mellon had a return on equity of 9.89% and a net margin of 23.09%. The Bank of New York Mellon’s revenue for the quarter was down 19.6% compared to the same quarter last year. During the same period last year, the company earned $1.01 EPS.
BK stock traded down $0.24 during mid-day trading on Thursday, reaching $42.25. 1,147,449 shares of the company traded hands, compared to its average volume of 5,494,933. The stock has a market cap of $37.44 billion, a price-to-earnings ratio of 9.32, a P/E/G ratio of 1.38 and a beta of 1.07. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.65. The Bank of New York Mellon has a fifty-two week low of $26.40 and a fifty-two week high of $47.63. The firm’s 50 day moving average price is $42.35 and its 200 day moving average price is $38.16.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 12th. Stockholders of record on Monday, February 1st will be paid a $0.31 dividend. The ex-dividend date is Friday, January 29th. This represents a $1.24 annualized dividend and a dividend yield of 2.93%. The Bank of New York Mellon’s dividend payout ratio is presently 30.85%.
Several brokerages recently issued reports on BK. Barclays raised their target price on The Bank of New York Mellon from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Monday, January 4th. Bank of America lowered The Bank of New York Mellon from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $42.00 to $39.00 in a research report on Friday, November 20th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised The Bank of New York Mellon from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $44.00 to $57.00 in a research report on Monday, January 11th. UBS Group lowered their price objective on The Bank of New York Mellon from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, October 6th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on The Bank of New York Mellon from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, December 18th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $47.03.
About The Bank of New York Mellon
The Bank of New York Mellon Corporation provides a range of financial products and services to in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. The Investment Service segment offers custody, accounting, exchange-traded funds services, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, brokerage and data analytics, clearing, trading, investment, wealth and retirement solutions, technology and enterprise data management, corporate trust, depositary receipts, payments, receivables processing and payables management, trade finance and processing, and collateral management services.
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