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 earnings results 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. 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 analysts’ expectations of $4.39 billion. During the same quarter last year, the company posted $1.13 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year.

Bank of New York Mellon Stock Performance

BK opened at $54.47 on Thursday. The firm has a market capitalization of $41.01 billion, a PE 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. The firm’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.

Bank of New York Mellon Announces Dividend

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

Analyst Ratings Changes

Several brokerages recently issued reports on BK. UBS Group raised 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. Morgan Stanley upgraded shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $52.00 to $62.00 in a research report on Tuesday, January 30th. Bank of America raised their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Finally, Evercore ISI raised their price target 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Hold” and an average price target of $58.17.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors have recently bought and sold shares of BK. Norges Bank purchased a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $503,489,000. Moneta Group Investment Advisors LLC raised its stake in shares of Bank of New York Mellon by 74,433.7% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,114,741 shares of the bank’s stock valued at $278,343,000 after acquiring an additional 6,106,537 shares during the period. Vanguard Group Inc. raised its stake 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 acquiring an additional 4,292,951 shares during the period. Barclays PLC raised its stake in shares of Bank of New York Mellon by 126.2% in the 2nd quarter. Barclays PLC now owns 2,885,446 shares of the bank’s stock valued at $128,462,000 after acquiring an additional 1,609,730 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $66,916,000. 85.31% of the stock is owned by hedge funds and other 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.