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

Bank of New York Mellon (NYSE:BK) released its quarterly earnings data on Tuesday. The bank reported $1.29 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the prior year, the firm posted $1.13 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $54.47 on Thursday. The company has a market cap of $41.01 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.87. The firm has a 50 day moving average of $55.73 and a 200-day moving average of $51.10.

Bank of New York Mellon Dividend Announcement

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

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were 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 of the company’s stock, valued at approximately $6,768,486.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently modified their holdings of the company. Norges Bank bought a new position in Bank of New York Mellon during the 4th quarter valued at $503,489,000. Moneta Group Investment Advisors LLC lifted its stake in Bank of New York Mellon by 74,433.7% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,114,741 shares of the bank’s stock valued at $278,343,000 after acquiring an additional 6,106,537 shares in the last quarter. Vanguard Group Inc. lifted its stake in 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 acquiring an additional 4,292,951 shares in the last quarter. Barclays PLC lifted its stake in Bank of New York Mellon by 126.2% during the 2nd quarter. Barclays PLC now owns 2,885,446 shares of the bank’s stock valued at $128,462,000 after acquiring an additional 1,609,730 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Bank of New York Mellon during the 1st quarter valued at $66,916,000. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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