Bank of New York Mellon (NYSE:BK) Issues Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Bank of New York Mellon (NYSE:BK) issued its quarterly earnings results on Tuesday. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.19 by $0.10, RTT News reports. The company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.13 EPS.

Bank of New York Mellon Trading Up 1.7 %

NYSE BK traded up $0.95 during trading hours on Thursday, reaching $55.41. The company had a trading volume of 938,888 shares, compared to its average volume of 3,984,478. The stock has a 50-day moving average of $55.73 and a 200 day moving average of $51.10. Bank of New York Mellon has a 1-year low of $39.65 and a 1-year high of $58.28. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $41.72 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.15 and a beta of 1.12.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BK. Evercore ISI upped 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 report on Thursday, April 4th. Morgan Stanley raised shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Jefferies Financial Group upped their target price on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday. Bank of America upped their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $59.15.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $503,489,000. Moneta Group Investment Advisors LLC lifted its position in shares of Bank of New York Mellon by 74,433.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,114,741 shares of the bank’s stock worth $278,343,000 after purchasing an additional 6,106,537 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,500,651 shares of the bank’s stock worth $3,877,759,000 after purchasing an additional 4,292,951 shares in the last quarter. Barclays PLC lifted its position in shares of Bank of New York Mellon by 126.2% during the second quarter. Barclays PLC now owns 2,885,446 shares of the bank’s stock worth $128,462,000 after purchasing an additional 1,609,730 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Bank of New York Mellon during the first quarter worth about $66,916,000. 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.