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

Bank of New York Mellon (NYSE:BK) announced its quarterly earnings data on Tuesday. The bank reported $1.29 earnings per share (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 11.63% and a net margin of 10.01%. The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the prior year, the firm earned $1.13 earnings per share. Bank of New York Mellon’s revenue was up 3.8% compared to the same quarter last year.

Bank of New York Mellon Stock Performance

Shares of 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 stock has a fifty day moving average price of $55.73 and a 200-day moving average price of $51.10. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The firm has a market cap of $41.01 billion, a PE ratio of 13.72, a P/E/G ratio of 1.18 and a beta of 1.12.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 3.08%. Bank of New York Mellon’s dividend payout ratio is presently 42.32%.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of the stock in a transaction 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 completion of 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 document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. raised its stake in shares of Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after buying an additional 300 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $36,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $45,000. Pacific Center for Financial Services acquired a new stake in Bank of New York Mellon in the 1st quarter worth about $55,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its holdings in Bank of New York Mellon by 90.3% in the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,311 shares of the bank’s stock worth $60,000 after buying an additional 622 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

BK has been the topic of several research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. UBS Group increased their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, January 9th. Citigroup increased their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Evercore ISI increased their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Finally, Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $52.00 to $62.00 in a research report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Hold” and an average price target of $58.17.

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.