The Bank of New York Mellon Co. Forecasted to Post Q3 2024 Earnings of $1.35 Per Share (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Investment analysts at Seaport Res Ptn decreased their Q3 2024 earnings per share (EPS) estimates for shares of Bank of New York Mellon in a research report issued on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now anticipates that the bank will post earnings of $1.35 per share for the quarter, down from their prior forecast of $1.37. 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 FY2024 earnings at $5.50 EPS, Q1 2025 earnings at $1.32 EPS, Q2 2025 earnings at $1.59 EPS, Q3 2025 earnings at $1.56 EPS, Q4 2025 earnings at $1.69 EPS and FY2025 earnings at $6.15 EPS.

Several other analysts have also recently weighed in on BK. UBS Group lifted their price objective on 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. Royal Bank of Canada reissued a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Morgan Stanley raised shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Evercore ISI increased their target price 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. Finally, Jefferies Financial Group lifted their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.06.

Bank of New York Mellon Stock Up 1.9 %

Shares of Bank of New York Mellon stock opened at $56.29 on Thursday. Bank of New York Mellon has a 12-month low of $39.65 and a 12-month high of $58.28. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The company’s fifty day simple moving average is $55.76 and its two-hundred day simple moving average is $51.23. The company has a market cap of $42.38 billion, a P/E ratio of 13.73, a PEG ratio of 1.15 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.53 billion during 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 for the quarter was up 3.8% on a year-over-year basis.

Bank of New York Mellon Announces Dividend

The firm also recently announced 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 2.98%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insider Activity at Bank of New York Mellon

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

Institutional Trading of Bank of New York Mellon

A number of large investors have recently added to or reduced their stakes in BK. Atlantic Edge Private Wealth Management LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $28,000. Brown Brothers Harriman & Co. lifted its position in shares of Bank of New York Mellon by 97.1% during the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after purchasing an additional 300 shares during the last quarter. Able Wealth Management LLC purchased a new stake in Bank of New York Mellon in the 4th quarter valued at about $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $32,000. Finally, Hartford Financial Management Inc. lifted its holdings in shares of Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after buying an additional 183 shares during the period. 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.