Bank of New York Mellon (NYSE:BK) Releases Earnings Results, Beats Expectations By $0.04 EPS

Bank of New York Mellon (NYSE:BK) released its earnings results on Friday. The bank reported $0.98 EPS for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.04, MarketWatch Earnings reports. Bank of New York Mellon had a return on equity of 10.34% and a net margin of 22.31%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. The company’s revenue was down .4% compared to the same quarter last year.

Shares of BK opened at $38.02 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a 50 day moving average price of $35.87 and a 200 day moving average price of $36.47. The stock has a market capitalization of $33.68 billion, a price-to-earnings ratio of 8.18, a PEG ratio of 1.20 and a beta of 1.04. Bank of New York Mellon has a one year low of $26.40 and a one year high of $51.60.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, October 28th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Tuesday, October 27th. Bank of New York Mellon’s payout ratio is 30.85%.

In other Bank of New York Mellon news, EVP Mitchell E. Harris sold 35,000 shares of the company’s stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of $35.75, for a total value of $1,251,250.00. Following the completion of the sale, the executive vice president now directly owns 145,425 shares in the company, valued at approximately $5,198,943.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.12% of the stock is owned by corporate insiders.

A number of equities research analysts recently commented on the company. Seaport Global Securities assumed coverage on Bank of New York Mellon in a report on Wednesday, July 8th. They set a “buy” rating and a $51.00 target price for the company. Citigroup decreased their price target on Bank of New York Mellon from $47.00 to $45.00 and set a “buy” rating for the company in a report on Friday, July 17th. Jefferies Financial Group raised Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their price target for the company from $40.00 to $45.00 in a report on Wednesday, July 8th. UBS Group decreased their price target on Bank of New York Mellon from $43.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, October 6th. Finally, Morgan Stanley decreased their price target on Bank of New York Mellon from $42.00 to $38.00 and set an “underweight” rating for the company in a report on Monday, October 5th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $44.56.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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Earnings History for Bank of New York Mellon (NYSE:BK)

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