Analysts expect that Bank of New York Mellon Corp (NYSE:BK) will report sales of $4.09 billion for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Bank of New York Mellon’s earnings. The highest sales estimate is $4.11 billion and the lowest is $4.05 billion. Bank of New York Mellon reported sales of $3.71 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 10.2%. The firm is scheduled to announce its next earnings report on Thursday, January 17th.
On average, analysts expect that Bank of New York Mellon will report full year sales of $16.50 billion for the current fiscal year, with estimates ranging from $16.47 billion to $16.57 billion. For the next fiscal year, analysts anticipate that the business will post sales of $16.86 billion, with estimates ranging from $16.64 billion to $17.15 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Bank of New York Mellon.
Bank of New York Mellon (NYSE:BK) last issued its earnings results on Thursday, October 18th. The bank reported $1.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.02. The business had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4.15 billion. Bank of New York Mellon had a return on equity of 11.48% and a net margin of 24.92%. Bank of New York Mellon’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BK. Rowland & Co. Investment Counsel ADV acquired a new position in shares of Bank of New York Mellon during the second quarter valued at approximately $102,000. Quad Cities Investment Group LLC purchased a new position in Bank of New York Mellon in the second quarter worth approximately $102,000. Kaizen Advisory LLC grew its position in Bank of New York Mellon by 157.6% in the second quarter. Kaizen Advisory LLC now owns 2,558 shares of the bank’s stock worth $138,000 after acquiring an additional 1,565 shares during the period. Flagship Harbor Advisors LLC purchased a new position in Bank of New York Mellon in the second quarter worth approximately $172,000. Finally, Squar Milner Financial Services LLC purchased a new position in Bank of New York Mellon in the second quarter worth approximately $180,000. 83.46% of the stock is owned by hedge funds and other institutional investors.
Shares of Bank of New York Mellon stock traded down $0.31 during midday trading on Thursday, reaching $47.21. 6,151,242 shares of the company’s stock traded hands, compared to its average volume of 6,633,120. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a market cap of $47.21 billion, a PE ratio of 13.11, a P/E/G ratio of 1.46 and a beta of 1.04. Bank of New York Mellon has a 12 month low of $45.16 and a 12 month high of $58.99.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Tuesday, October 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, October 29th. Bank of New York Mellon’s payout ratio is 31.11%.
About Bank of New York Mellon
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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