Bank of New York Mellon (NYSE:BK) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Bank of New York Mellon (NYSE:BK) posted its earnings results on Friday. The bank reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.04, MarketWatch Earnings reports. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.83 billion. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 10.34%. The company’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the company earned $1.07 earnings per share.

Shares of Bank of New York Mellon stock opened at $38.02 on Friday. Bank of New York Mellon has a 1 year low of $26.40 and a 1 year high of $51.60. The firm has a market cap of $33.68 billion, a PE ratio of 8.18, a PEG ratio of 1.20 and a beta of 1.04. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.68 and a quick ratio of 0.68. The company has a 50 day simple moving average of $35.87 and a two-hundred day simple moving average of $36.47.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, October 28th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 3.26%. Bank of New York Mellon’s payout ratio is presently 30.85%.

In other Bank of New York Mellon news, EVP Mitchell E. Harris sold 35,000 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of $35.75, for a total transaction of $1,251,250.00. Following the completion of the sale, the executive vice president now directly owns 145,425 shares in the company, valued at $5,198,943.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.12% of the company’s stock.

BK has been the subject of several recent research reports. ValuEngine upgraded shares of Bank of New York Mellon from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Bank of New York Mellon from $41.00 to $40.00 and set a “hold” rating for the company in a research note on Thursday, July 9th. Citigroup reduced their price objective on shares of Bank of New York Mellon from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, July 17th. Morgan Stanley reduced their price objective on shares of Bank of New York Mellon from $42.00 to $38.00 and set an “underweight” rating for the company in a research note on Monday, October 5th. Finally, Jefferies Financial Group raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their price objective for the company from $40.00 to $45.00 in a research note on Wednesday, July 8th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $44.56.

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 for Bank of New York Mellon (NYSE:BK)

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