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

Bank of New York Mellon (NYSE:BK) announced its quarterly earnings data on Tuesday. The bank reported $1.29 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. Bank of New York Mellon’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.13 EPS.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $54.40 on Thursday. Bank of New York Mellon has a one year low of $39.65 and a one year high of $58.28. The firm’s 50 day moving average price is $55.73 and its 200-day moving average price is $51.10. The firm has a market cap of $40.96 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.15 and a beta of 1.12. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 3.09%. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Bank of New York Mellon

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Bank of New York Mellon by 6.1% in the 4th quarter. Vanguard Group Inc. now owns 74,500,651 shares of the bank’s stock valued at $3,877,759,000 after buying an additional 4,292,951 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Bank of New York Mellon by 1.5% in the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock valued at $693,747,000 after buying an additional 227,602 shares during the last quarter. Norges Bank purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at $503,489,000. Nuveen Asset Management LLC grew its position in shares of Bank of New York Mellon by 3.2% in the 4th quarter. Nuveen Asset Management LLC now owns 8,672,740 shares of the bank’s stock valued at $451,416,000 after buying an additional 266,703 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Bank of New York Mellon by 20.9% in the 4th quarter. Legal & General Group Plc now owns 7,989,132 shares of the bank’s stock valued at $415,834,000 after buying an additional 1,379,266 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Evercore ISI boosted 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 report on Thursday, April 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. UBS Group boosted their target price on shares of 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. Citigroup boosted their target price on shares of 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. Finally, Morgan Stanley upgraded shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $58.17.

About Bank of New York Mellon

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.