The Bank of New York Mellon Co. (NYSE:BK) – Analysts at Piper Sandler lowered their Q3 2021 earnings per share estimates for shares of The Bank of New York Mellon in a research report issued to clients and investors on Monday, July 19th. Piper Sandler analyst J. Harte now forecasts that the bank will post earnings per share of $1.01 for the quarter, down from their previous estimate of $1.05. Piper Sandler also issued estimates for The Bank of New York Mellon’s Q4 2021 earnings at $1.07 EPS, Q1 2022 earnings at $1.04 EPS, Q2 2022 earnings at $1.16 EPS, Q3 2022 earnings at $1.20 EPS, Q4 2022 earnings at $1.25 EPS and FY2022 earnings at $4.64 EPS.
BK has been the subject of a number of other reports. Keefe, Bruyette & Woods raised shares of The Bank of New York Mellon from a “market perform” rating to an “outperform” rating and set a $59.00 price target for the company in a research report on Thursday, June 17th. Citigroup cut their price objective on shares of The Bank of New York Mellon from $58.00 to $56.00 in a report on Wednesday, April 21st. Barclays boosted their price objective on shares of The Bank of New York Mellon from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, April 7th. Bank of America upgraded shares of The Bank of New York Mellon from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $50.00 in a report on Wednesday, March 24th. Finally, Credit Suisse Group boosted their price objective on shares of The Bank of New York Mellon from $54.00 to $56.00 and gave the stock an “outperform” rating in a report on Friday, July 16th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $52.50.
The Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, July 14th. The bank reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.13. The Bank of New York Mellon had a net margin of 22.86% and a return on equity of 9.27%. The company had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.86 billion. During the same period in the previous year, the company earned $1.01 EPS. The business’s quarterly revenue was down 1.2% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 9th. Stockholders of record on Tuesday, July 27th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Monday, July 26th. This is a boost from The Bank of New York Mellon’s previous quarterly dividend of $0.31. This represents a $1.36 annualized dividend and a dividend yield of 2.72%. The Bank of New York Mellon’s dividend payout ratio (DPR) is 30.92%.
The Bank of New York Mellon announced that its Board of Directors has approved a stock buyback plan on Monday, June 28th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the bank to reacquire up to 13.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
In other news, EVP J Kevin Mccarthy sold 12,500 shares of the stock in a transaction that occurred on Thursday, May 6th. The shares were sold at an average price of $51.65, for a total value of $645,625.00. Following the completion of the transaction, the executive vice president now directly owns 102,214 shares in the company, valued at $5,279,353.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Salla Francis J. La sold 25,000 shares of the stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $49.41, for a total transaction of $1,235,250.00. Following the completion of the transaction, the executive vice president now owns 69,299 shares of the company’s stock, valued at $3,424,063.59. The disclosure for this sale can be found here. Company insiders own 0.12% of the company’s stock.
A number of large investors have recently modified their holdings of BK. Norges Bank bought a new stake in The Bank of New York Mellon during the fourth quarter worth approximately $358,714,000. Price T Rowe Associates Inc. MD lifted its position in shares of The Bank of New York Mellon by 342.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,226,507 shares of the bank’s stock valued at $294,452,000 after acquiring an additional 4,818,377 shares in the last quarter. BlackRock Inc. lifted its position in shares of The Bank of New York Mellon by 5.6% in the 1st quarter. BlackRock Inc. now owns 59,642,595 shares of the bank’s stock valued at $2,820,497,000 after acquiring an additional 3,169,102 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of The Bank of New York Mellon by 62.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,913,775 shares of the bank’s stock valued at $232,373,000 after acquiring an additional 1,893,751 shares in the last quarter. Finally, Parnassus Investments CA purchased a new stake in shares of The Bank of New York Mellon in the 1st quarter valued at approximately $68,109,000. Hedge funds and other institutional investors own 82.00% of the company’s stock.
The 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 three segments: Investment Services, Investment and Wealth Management, and Other. The Investment Service segment offers custody, trust and depositary, 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, investment, wealth and retirement solutions, technology and enterprise data management, trading, corporate trust, depositary receipts, payments, foreign exchange, liquidity management, receivables processing and payables management, trade finance and processing, collateral management, and tri-party services.
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