Bank of New York Mellon (NYSE:BK) Releases Earnings Results, Beats Expectations By $0.10 EPS

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

Bank of New York Mellon Stock Up 1.8 %

Shares of NYSE:BK traded up $0.96 on Thursday, reaching $55.42. The company had a trading volume of 766,583 shares, compared to its average volume of 3,981,984. Bank of New York Mellon has a twelve month low of $39.65 and a twelve month high of $58.28. The stock has a 50-day moving average price of $55.73 and a 200 day moving average price of $51.10. The stock has a market capitalization of $41.72 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 quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.03%. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on BK shares. UBS Group lifted 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Citigroup lifted 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. Jefferies Financial Group boosted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Evercore ISI boosted 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 research note on Thursday, April 4th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Hold” and a consensus target price of $59.15.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value 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 is available through this link. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently made changes to their positions in the business. SageView Advisory Group LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth about $1,208,000. Sanibel Captiva Trust Company Inc. acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth about $801,000. Public Employees Retirement System of Ohio lifted its position in shares of Bank of New York Mellon by 2.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 396,948 shares of the bank’s stock worth $20,661,000 after purchasing an additional 8,214 shares during the last quarter. Gould Capital LLC lifted its position in shares of Bank of New York Mellon by 0.5% during the 4th quarter. Gould Capital LLC now owns 59,179 shares of the bank’s stock worth $3,080,000 after purchasing an additional 299 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its position in shares of Bank of New York Mellon by 10.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 163,393 shares of the bank’s stock worth $8,505,000 after purchasing an additional 14,794 shares during the last quarter. Institutional investors and hedge funds 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.