Brokerages Anticipate Bank Of New York Mellon Corporation (The) (BK) Will Post Earnings of $0.93 Per Share

Wall Street brokerages forecast that Bank Of New York Mellon Corporation (The) (NYSE:BK) will post earnings of $0.93 per share for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Bank Of New York Mellon Corporation (The)’s earnings, with the lowest EPS estimate coming in at $0.90 and the highest estimate coming in at $0.95. Bank Of New York Mellon Corporation (The) reported earnings of $0.90 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.3%. The firm is expected to report its next earnings results before the market opens on Thursday, October 19th.

On average, analysts expect that Bank Of New York Mellon Corporation (The) will report full-year earnings of $3.53 per share for the current year, with EPS estimates ranging from $3.49 to $3.57. For the next year, analysts anticipate that the company will post earnings of $3.91 per share, with EPS estimates ranging from $3.80 to $4.02. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that cover Bank Of New York Mellon Corporation (The).

Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. The firm had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.76 earnings per share.

A number of analysts have recently issued reports on BK shares. UBS AG downgraded Bank Of New York Mellon Corporation (The) from a “buy” rating to a “neutral” rating and set a $56.00 price target for the company. in a research report on Friday, September 8th. Zacks Investment Research upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, July 11th. Bank of America Corporation set a $52.00 price target on Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a research report on Friday, July 21st. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $54.25.

TRADEMARK VIOLATION NOTICE: “Brokerages Anticipate Bank Of New York Mellon Corporation (The) (BK) Will Post Earnings of $0.93 Per Share” was first posted by Transcript Daily and is the sole property of of Transcript Daily. If you are viewing this story on another site, it was copied illegally and reposted in violation of international copyright and trademark laws. The correct version of this story can be viewed at https://transcriptdaily.com/2017/10/08/brokerages-anticipate-bank-of-new-york-mellon-corporation-the-bk-will-post-earnings-of-0-93-per-share.html.

Bank Of New York Mellon Corporation (BK) traded up 0.07% on Thursday, hitting $54.47. 2,412,384 shares of the stock were exchanged. The firm has a market cap of $56.28 billion, a PE ratio of 16.71 and a beta of 1.15. Bank Of New York Mellon Corporation has a 52-week low of $38.68 and a 52-week high of $54.81. The company has a 50-day moving average price of $52.33 and a 200-day moving average price of $50.06.

Bank Of New York Mellon Corporation (The) announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that permits the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization permits the bank to purchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

In related news, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total value of $2,340,825.00. Following the sale, the insider now directly owns 204,043 shares of the company’s stock, valued at $10,793,874.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Charles W. Scharf purchased 186,900 shares of Bank Of New York Mellon Corporation (The) stock in a transaction that occurred on Tuesday, August 8th. The stock was purchased at an average cost of $53.82 per share, for a total transaction of $10,058,958.00. Following the completion of the purchase, the chief executive officer now owns 73,640 shares of the company’s stock, valued at $3,963,304.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 10,931,137 shares of company stock worth $581,058,723. 3.60% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the stock. Northstar Wealth Partners LLC purchased a new stake in Bank Of New York Mellon Corporation (The) in the first quarter worth $546,000. MUFG Americas Holdings Corp grew its stake in Bank Of New York Mellon Corporation (The) by 5.3% in the second quarter. MUFG Americas Holdings Corp now owns 263,993 shares of the bank’s stock worth $13,469,000 after purchasing an additional 13,228 shares during the period. Dupont Capital Management Corp purchased a new stake in Bank Of New York Mellon Corporation (The) in the second quarter worth $304,000. Everence Capital Management Inc. grew its stake in Bank Of New York Mellon Corporation (The) by 35.1% in the second quarter. Everence Capital Management Inc. now owns 29,004 shares of the bank’s stock worth $1,480,000 after purchasing an additional 7,530 shares during the period. Finally, Vanguard Group Inc. grew its stake in Bank Of New York Mellon Corporation (The) by 3.0% in the first quarter. Vanguard Group Inc. now owns 66,349,379 shares of the bank’s stock worth $3,133,681,000 after purchasing an additional 1,905,810 shares during the period. 81.78% of the stock is currently owned by institutional investors.

About Bank Of New York Mellon Corporation (The)

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.

Get a free copy of the Zacks research report on Bank Of New York Mellon Corporation (The) (BK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Bank Of New York Mellon Corporation (The) (NYSE:BK)

Receive News & Ratings for Bank Of New York Mellon Corporation (The) 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 Corporation (The) and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply