Bank of New York Mellon (NYSE:BK) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Bank of New York Mellon (NYSE:BK) issued its quarterly earnings data on Tuesday. The bank reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.10, RTT News reports. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.13 earnings per share.

Bank of New York Mellon Stock Performance

BK stock traded up $0.77 during trading hours on Thursday, hitting $55.23. 1,242,951 shares of the stock were exchanged, compared to its average volume of 3,989,161. 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 firm has a market capitalization of $41.58 billion, a P/E ratio of 13.49, a P/E/G ratio of 1.15 and a beta of 1.12. The company has a 50-day simple moving average of $55.73 and a two-hundred day simple moving average of $51.10.

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 paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 3.04%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

Analyst Ratings Changes

BK has been the topic of a number of research reports. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. UBS Group boosted their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Citigroup raised their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Jefferies Financial Group boosted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Evercore ISI raised their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $59.15.

Insider Activity

In related news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, 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 legal filing with the SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BK. Brown Brothers Harriman & Co. raised its stake in Bank of New York Mellon by 97.1% in the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after purchasing an additional 300 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at approximately $36,000. Coppell Advisory Solutions Corp. bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $45,000. Pacific Center for Financial Services acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $55,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC increased its stake in Bank of New York Mellon by 90.3% in the fourth quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,311 shares of the bank’s stock valued at $60,000 after acquiring an additional 622 shares during the last quarter. 85.31% of the stock is 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.