Bank of New York Mellon (NYSE:BK) Releases Earnings Results, Beats Estimates By $0.10 EPS

Bank of New York Mellon (NYSE:BK) posted its quarterly earnings results on Tuesday. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the firm earned $1.13 EPS. Bank of New York Mellon’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. Bank of New York Mellon has a 12 month low of $39.65 and a 12 month 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 business’s 50-day moving average price is $55.73 and its two-hundred day moving average price is $51.10. The firm has a market capitalization of $41.01 billion, a PE ratio of 13.29, a price-to-earnings-growth ratio of 1.15 and a beta of 1.12.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.08%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now owns 123,490 shares in the company, valued at approximately $6,768,486.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted 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 valued at $3,877,759,000 after purchasing an additional 4,292,951 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Bank of New York Mellon by 1.5% in the first quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock worth $693,747,000 after acquiring an additional 227,602 shares in the last quarter. Norges Bank bought a new position in Bank of New York Mellon in the fourth quarter worth approximately $503,489,000. Nuveen Asset Management LLC boosted its holdings in Bank of New York Mellon by 3.2% in the fourth quarter. Nuveen Asset Management LLC now owns 8,672,740 shares of the bank’s stock worth $451,416,000 after acquiring an additional 266,703 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Bank of New York Mellon by 20.9% in the fourth quarter. Legal & General Group Plc now owns 7,989,132 shares of the bank’s stock worth $415,834,000 after acquiring an additional 1,379,266 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on BK. 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 report on Thursday, April 4th. 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 report on Wednesday, February 14th. 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 report on Wednesday, March 27th. UBS Group upped their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Finally, Bank of America upped their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $58.17.

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.