Bank of New York Mellon Corp (NYSE:BK) will be announcing its earnings results before the market opens on Thursday, July 20th. Analysts expect the company to announce earnings of $0.84 per share for the quarter.
Bank of New York Mellon Corp (NYSE:BK) last released its earnings results on Thursday, April 20th. The bank reported $0.80 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.80. Bank of New York Mellon Corp had a return on equity of 9.80% and a net margin of 24.38%. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter last year, the firm posted $0.74 EPS. The company’s revenue was up 3.0% on a year-over-year basis. On average, analysts expect Bank of New York Mellon Corp to post $3.51 EPS for the current fiscal year and $3.91 EPS for the next fiscal year.
Shares of Bank of New York Mellon Corp (BK) opened at 53.35 on Tuesday. The firm has a market cap of $55.48 billion, a price-to-earnings ratio of 16.41 and a beta of 1.14. The stock’s 50 day moving average price is $48.27 and its 200 day moving average price is $47.32. Bank of New York Mellon Corp has a one year low of $38.53 and a one year high of $53.53.
Bank of New York Mellon Corp declared that its board has approved a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization permits the bank to buy up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
In other news, EVP J Kevin Mccarthy sold 10,000 shares of the stock in a transaction on Monday, April 24th. The stock was sold at an average price of $47.64, for a total value of $476,400.00. Following the completion of the transaction, the executive vice president now directly owns 100,487 shares in the company, valued at approximately $4,787,200.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Thomas P. Gibbons sold 102,174 shares of the stock in a transaction on Monday, April 24th. The shares were sold at an average price of $47.71, for a total value of $4,874,721.54. Following the completion of the transaction, the insider now owns 271,416 shares of the company’s stock, valued at $12,949,257.36. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by corporate insiders.
Several equities analysts have recently commented on the company. Jefferies Group LLC reaffirmed a “hold” rating on shares of Bank of New York Mellon Corp in a research report on Tuesday, July 11th. Buckingham Research reaffirmed a “neutral” rating and issued a $57.00 target price (up previously from $52.00) on shares of Bank of New York Mellon Corp in a research report on Monday, July 10th. BidaskClub raised Bank of New York Mellon Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. Zacks Investment Research downgraded Bank of New York Mellon Corp from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. Finally, Bank of America Corporation set a $49.00 target price on Bank of New York Mellon Corp and gave the company a “sell” rating in a research report on Saturday, May 27th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $51.44.
About Bank of New York Mellon Corp
The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.
Receive News & Ratings for Bank of New York Mellon Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon Corp and related companies with MarketBeat.com's FREE daily email newsletter.