Bank of New York Mellon (NYSE:BNY) Issues Quarterly Earnings Results, Beats Estimates By $0.30 EPS

Bank of New York Mellon (NYSE:BNY) posted its quarterly earnings data on Wednesday. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30, FiscalAI reports. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion.

Bank of New York Mellon Trading Up 2.2%

Shares of Bank of New York Mellon stock opened at $154.62 on Wednesday. Bank of New York Mellon has a fifty-two week low of $93.37 and a fifty-two week high of $155.09. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market capitalization of $106.13 billion, a P/E ratio of 19.16, a P/E/G ratio of 1.11 and a beta of 1.07. The company has a fifty day moving average of $142.23 and a 200 day moving average of $128.94.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid a dividend of $0.53 per share. The ex-dividend date was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.4%. Bank of New York Mellon’s payout ratio is 26.27%.

Insiders Place Their Bets

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.02, for a total value of $719,545.80. Following the transaction, the insider directly owned 17,259 shares of the company’s stock, valued at approximately $2,347,569.18. The trade was a 23.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Shannon Marie Hobbs sold 297 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the completion of the transaction, the vice president owned 15,206 shares of the company’s stock, valued at $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 48,091 shares of company stock valued at $6,568,423 over the last three months. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently modified their holdings of the stock. Revolve Wealth Partners LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at approximately $220,000. Sivia Capital Partners LLC increased its position in Bank of New York Mellon by 36.6% in the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after purchasing an additional 909 shares during the last quarter. Jump Financial LLC bought a new stake in Bank of New York Mellon in the second quarter worth $2,482,000. Treasurer of the State of North Carolina increased its holdings in shares of Bank of New York Mellon by 1.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock worth $30,466,000 after buying an additional 5,445 shares during the last quarter. Finally, Osterweis Capital Management Inc. increased its holdings in shares of Bank of New York Mellon by 11,890.0% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock worth $109,000 after buying an additional 1,189 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Weiss Ratings upgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. Truist Financial increased their price target on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Barclays boosted their target price on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Finally, Evercore set a $136.00 price objective on shares of Bank of New York Mellon in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $143.46.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.