$4.05 Billion in Sales Expected for Bank of New York Mellon Corp (BK) This Quarter

Wall Street brokerages predict that Bank of New York Mellon Corp (NYSE:BK) will post $4.05 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Bank of New York Mellon’s earnings. The lowest sales estimate is $3.98 billion and the highest is $4.11 billion. Bank of New York Mellon reported sales of $4.19 billion during the same quarter last year, which indicates a negative year over year growth rate of 3.3%. The business is expected to issue its next quarterly earnings report before the market opens on Wednesday, April 17th.

On average, analysts expect that Bank of New York Mellon will report full year sales of $16.39 billion for the current year, with estimates ranging from $16.24 billion to $16.67 billion. For the next fiscal year, analysts forecast that the firm will post sales of $16.85 billion, with estimates ranging from $16.63 billion to $17.21 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Bank of New York Mellon.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, January 16th. The bank reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.07. Bank of New York Mellon had a return on equity of 11.53% and a net margin of 22.19%. The business had revenue of $4.01 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the company posted $0.91 EPS. The company’s quarterly revenue was up 7.5% on a year-over-year basis.

BK has been the topic of several recent analyst reports. Zacks Investment Research lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Wednesday, December 19th. Deutsche Bank upped their price target on Bank of New York Mellon from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and decreased their price target for the company from $55.00 to $52.00 in a research note on Wednesday, January 9th. Vining Sparks reaffirmed a “buy” rating and issued a $55.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, January 23rd. Finally, Credit Suisse Group decreased their price target on Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday, December 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Bank of New York Mellon has an average rating of “Hold” and a consensus price target of $55.88.

In related news, Director Trian Fund Management, L.P. sold 2,107,000 shares of the stock in a transaction dated Monday, January 28th. The stock was sold at an average price of $53.48, for a total transaction of $112,682,360.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Edward P. Garden sold 1,400,000 shares of the stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $53.64, for a total value of $75,096,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,713,437 shares of company stock worth $198,594,100. 1.71% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of BK. FMR LLC lifted its stake in Bank of New York Mellon by 36.4% during the 4th quarter. FMR LLC now owns 32,610,453 shares of the bank’s stock worth $1,534,974,000 after acquiring an additional 8,695,718 shares in the last quarter. Norges Bank purchased a new stake in Bank of New York Mellon during the 4th quarter worth about $390,153,000. Matthew Goff Investment Advisor LLC increased its holdings in Bank of New York Mellon by 5,293.0% during the 3rd quarter. Matthew Goff Investment Advisor LLC now owns 6,527,983 shares of the bank’s stock worth $121,045,000 after purchasing an additional 6,406,938 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in Bank of New York Mellon by 4,153.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,711,519 shares of the bank’s stock worth $100,000 after purchasing an additional 4,600,747 shares during the period. Finally, Marathon Asset Management LLP purchased a new stake in Bank of New York Mellon during the 4th quarter worth about $57,526,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Bank of New York Mellon stock traded up $0.56 during trading hours on Tuesday, hitting $50.84. The company’s stock had a trading volume of 3,642,874 shares, compared to its average volume of 4,611,696. Bank of New York Mellon has a twelve month low of $43.67 and a twelve month high of $58.22. The firm has a market cap of $48.22 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.44 and a beta of 1.04. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.87.

Bank of New York Mellon declared that its board has initiated a stock buyback program on Monday, December 10th that permits the company to buyback $830.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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Earnings History and Estimates for Bank of New York Mellon (NYSE:BK)

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