Bank of New York Mellon (NYSE:BK) Issues Quarterly Earnings Results

Bank of New York Mellon (NYSE:BK) announced 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. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same period in the prior year, the firm posted $1.13 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis.

Bank of New York Mellon Trading Up 0.9 %

NYSE:BK opened at $54.47 on Thursday. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The business’s 50 day moving average is $55.73 and its two-hundred day moving average is $51.10. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28. The company has a market cap of $41.01 billion, a PE ratio of 13.29, a P/E/G ratio of 1.15 and a beta of 1.12.

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 issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

Analysts Set New Price Targets

BK has been the subject of several analyst reports. Citigroup upped their target price on 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. Evercore ISI upped their target price on 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. UBS Group increased their price target 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. Finally, Bank of America increased their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $58.17.

Insiders Place Their Bets

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

Institutional Trading of Bank of New York Mellon

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Bank of New York Mellon by 6.1% during the 4th 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 during the period. Geode Capital Management LLC raised its position in shares of Bank of New York Mellon by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock worth $693,747,000 after purchasing an additional 227,602 shares during the period. Norges Bank acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $503,489,000. Nuveen Asset Management LLC increased its position in Bank of New York Mellon by 3.2% in the 4th quarter. Nuveen Asset Management LLC now owns 8,672,740 shares of the bank’s stock valued at $451,416,000 after acquiring an additional 266,703 shares during the period. Finally, Legal & General Group Plc increased its position in Bank of New York Mellon by 20.9% in the 4th quarter. Legal & General Group Plc now owns 7,989,132 shares of the bank’s stock valued at $415,834,000 after acquiring an additional 1,379,266 shares during the period. 85.31% of the stock is currently 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 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.