Seaport Res Ptn Analysts Lift Earnings Estimates for The Bank of New York Mellon Co. (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Investment analysts at Seaport Res Ptn lifted their Q2 2024 earnings per share (EPS) estimates for shares of Bank of New York Mellon in a report released on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now forecasts that the bank will earn $1.40 per share for the quarter, up from their previous forecast of $1.39. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.40 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.46 EPS.

Several other research firms have also recently issued reports on BK. Jefferies Financial Group boosted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday. Evercore ISI boosted their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Bank of America boosted their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $59.15.

Bank of New York Mellon Stock Up 1.4 %

BK opened at $55.24 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The business has a 50 day moving average price of $55.74 and a two-hundred day moving average price of $51.13. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28. The company has a market cap of $41.58 billion, a PE ratio of 13.47, a P/E/G ratio of 1.15 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. The firm had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.13 EPS.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BK. Norges Bank purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth $813,701,000. Moneta Group Investment Advisors LLC lifted its stake in shares of Bank of New York Mellon by 74,433.7% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,114,741 shares of the bank’s stock worth $278,343,000 after purchasing an additional 6,106,537 shares during the period. Vanguard Group Inc. lifted its stake in shares of Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after purchasing an additional 4,293,751 shares during the period. Barclays PLC lifted its stake in shares of Bank of New York Mellon by 126.2% during the 2nd quarter. Barclays PLC now owns 2,885,446 shares of the bank’s stock worth $128,462,000 after purchasing an additional 1,609,730 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth $66,916,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now owns 123,490 shares in the company, valued at approximately $6,768,486.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

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.