Bank of New York Mellon (NYSE:BK) Issues Quarterly Earnings Results

Bank of New York Mellon (NYSE:BK) issued its earnings results on Tuesday. The bank reported $1.29 EPS for the quarter, topping 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 business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter last year, the company earned $1.13 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year.

Bank of New York Mellon Trading Down 2.0 %

NYSE BK opened at $53.99 on Wednesday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.87. Bank of New York Mellon has a twelve month low of $39.65 and a twelve month high of $58.28. The firm has a market capitalization of $40.64 billion, a PE ratio of 13.60, a P/E/G ratio of 1.18 and a beta of 1.12. The stock’s 50 day moving average is $55.75 and its 200 day moving average is $51.08.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Investors 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 3.11%. Bank of New York Mellon’s dividend payout ratio is presently 42.32%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BK. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Citigroup raised their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. UBS Group raised their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Finally, Evercore ISI raised their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Hold” and an average target price of $56.72.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BK. Acadian Asset Management LLC raised its stake in shares of Bank of New York Mellon by 160.0% in the first quarter. Acadian Asset Management LLC now owns 5,358 shares of the bank’s stock worth $263,000 after purchasing an additional 3,297 shares during the last quarter. Prudential PLC purchased a new stake in Bank of New York Mellon during the first quarter valued at $1,096,000. Cetera Investment Advisers increased its position in Bank of New York Mellon by 3.3% during the first quarter. Cetera Investment Advisers now owns 35,635 shares of the bank’s stock valued at $1,769,000 after acquiring an additional 1,154 shares during the last quarter. Candriam Luxembourg S.C.A. grew its holdings in Bank of New York Mellon by 54.3% during the first quarter. Candriam Luxembourg S.C.A. now owns 232,115 shares of the bank’s stock valued at $11,519,000 after purchasing an additional 81,728 shares during the period. Finally, Zions Bancorporation N.A. grew its holdings in Bank of New York Mellon by 165.3% during the first quarter. Zions Bancorporation N.A. now owns 1,459 shares of the bank’s stock valued at $72,000 after purchasing an additional 909 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.