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

Bank of New York Mellon Stock Up 1.7 %

Shares of Bank of New York Mellon stock traded up $0.95 on Thursday, hitting $55.41. 938,888 shares of the company’s stock traded hands, compared to its average volume of 3,984,478. The stock has a market cap of $41.72 billion, a P/E ratio of 13.49, a PEG 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. The firm’s 50-day moving average is $55.73 and its 200 day moving average is $51.10. Bank of New York Mellon has a 52-week low of $39.65 and a 52-week high of $58.28.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.98%.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. UBS Group raised 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. Bank of America upped their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Finally, Evercore ISI upped their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $59.15.

Insider Activity

In other news, VP Catherine Keating sold 4,498 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the completion of the transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently added to or reduced their stakes in the company. Quilter Plc bought a new position in Bank of New York Mellon during the first quarter worth $446,850,000. Brown Brothers Harriman & Co. increased its position 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 worth $30,000 after buying an additional 300 shares during the period. Sunbelt Securities Inc. acquired a new stake in Bank of New York Mellon in the first quarter worth $36,000. Coppell Advisory Solutions Corp. acquired a new stake in Bank of New York Mellon in the fourth quarter worth $45,000. Finally, Pacific Center for Financial Services acquired a new stake in Bank of New York Mellon in the first quarter worth $55,000. 85.31% of the stock is currently owned by institutional investors.

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.