Seaport Res Ptn Comments on The Bank of New York Mellon Co.’s Q2 2024 Earnings (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Equities research analysts at Seaport Res Ptn increased their Q2 2024 EPS estimates for Bank of New York Mellon in a research report issued on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now expects that the bank will earn $1.40 per share for the quarter, up from their prior estimate of $1.39. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.40 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.46 EPS.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same period in the prior year, the business posted $1.13 earnings per share. Bank of New York Mellon’s revenue was up 3.8% compared to the same quarter last year.

BK has been the topic of several other reports. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Bank of America increased their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday. Jefferies Financial Group increased their target price on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday. Citigroup increased their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Finally, UBS Group increased their target price on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $59.15.

Bank of New York Mellon Trading Up 1.4 %

Shares of NYSE BK opened at $55.24 on Friday. The company’s 50 day simple moving average is $55.74 and its 200 day simple moving average is $51.13. Bank of New York Mellon has a fifty-two week low of $39.65 and a fifty-two week high of $58.28. The firm has a market capitalization of $41.58 billion, a P/E ratio of 13.47, a P/E/G ratio of 1.15 and a beta of 1.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72.

Bank of New York Mellon Announces Dividend

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 3.04%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is 40.98%.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 4,498 shares of the stock in a transaction 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 $6,768,486.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quent Capital LLC increased its stake in Bank of New York Mellon by 3.8% in the 4th quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock valued at $262,000 after buying an additional 182 shares during the last quarter. Hartford Financial Management Inc. increased its stake in shares of Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after purchasing an additional 183 shares during the last quarter. Vivaldi Capital Management LP increased its stake in shares of Bank of New York Mellon by 3.3% during the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock worth $324,000 after purchasing an additional 192 shares during the last quarter. Certuity LLC increased its stake in shares of Bank of New York Mellon by 2.3% during the 4th quarter. Certuity LLC now owns 8,972 shares of the bank’s stock worth $467,000 after purchasing an additional 205 shares during the last quarter. Finally, Choreo LLC increased its stake in shares of Bank of New York Mellon by 1.8% during the 4th quarter. Choreo LLC now owns 11,903 shares of the bank’s stock worth $620,000 after purchasing an additional 208 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.