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

Bank of New York Mellon (NYSE:BK) issued its quarterly earnings results on Tuesday. The bank reported $1.29 EPS for the quarter, topping the consensus estimate 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 company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the previous year, the firm earned $1.13 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year.

Bank of New York Mellon Trading Up 0.9 %

Shares of BK stock opened at $54.47 on Thursday. The company’s 50-day moving average price is $55.73 and its 200-day moving average price is $51.10. 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 stock has a market cap of $41.01 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 1.15 and a beta of 1.12. Bank of New York Mellon has a twelve month low of $39.65 and a twelve month high of $58.28.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be given a dividend of $0.42 per share. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 3.08%. Bank of New York Mellon’s payout ratio is 40.98%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Laurel Wealth Advisors Inc. lifted its position in Bank of New York Mellon by 1.7% in the first quarter. Laurel Wealth Advisors Inc. now owns 14,451 shares of the bank’s stock valued at $717,000 after buying an additional 245 shares during the last quarter. Penserra Capital Management LLC increased its stake in Bank of New York Mellon by 8.4% during the first quarter. Penserra Capital Management LLC now owns 3,631 shares of the bank’s stock worth $180,000 after purchasing an additional 282 shares during the period. Neuberger Berman Group LLC increased its stake in Bank of New York Mellon by 0.6% during the first quarter. Neuberger Berman Group LLC now owns 45,900 shares of the bank’s stock worth $2,278,000 after purchasing an additional 288 shares during the period. Gould Capital LLC increased its stake in Bank of New York Mellon by 0.5% during the second quarter. Gould Capital LLC now owns 58,767 shares of the bank’s stock worth $2,616,000 after purchasing an additional 292 shares during the period. Finally, BOKF NA increased its stake in Bank of New York Mellon by 0.6% during the fourth quarter. BOKF NA now owns 51,542 shares of the bank’s stock worth $2,683,000 after purchasing an additional 295 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

BK has been the subject of a number of research reports. Evercore ISI upped their target price on shares of 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. Bank of America upped their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup upped their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Finally, UBS Group upped their target price on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently 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.