Bank of New York Mellon (NYSE:BK) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Bank of New York Mellon (NYSE:BK) announced its quarterly earnings data on Friday. The bank reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.11, reports. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%.

Bank of New York Mellon Stock Down 0.4 %

Bank of New York Mellon stock opened at $74.15 on Friday. The company’s 50-day moving average price is $68.37 and its two-hundred day moving average price is $62.42. The stock has a market cap of $55.45 billion, a price-to-earnings ratio of 17.16, a PEG ratio of 1.16 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a 52 week low of $39.66 and a 52 week high of $76.15.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.54%. Bank of New York Mellon’s payout ratio is 43.52%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BK shares. UBS Group increased their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Citigroup increased their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.92.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the transaction, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds have recently made changes to their positions in the business. Olistico Wealth LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth about $30,000. Able Wealth Management LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth about $32,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Bank of New York Mellon in the first quarter worth about $32,000. Clearstead Trust LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth about $32,000. Finally, Family Firm Inc. acquired a new position in shares of Bank of New York Mellon in the second quarter worth about $40,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.