Bank of New York Mellon (NYSE:BK) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Bank of New York Mellon (NYSE:BK) released its quarterly earnings data on Tuesday. The bank reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.10, RTT News reports. 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 11.63% and a net margin of 10.01%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.13 earnings per share.

Bank of New York Mellon Stock Up 0.1 %

Shares of NYSE:BK opened at $55.09 on Tuesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The firm has a market cap of $41.48 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 1.18 and a beta of 1.12. The stock’s 50-day moving average price is $55.77 and its two-hundred day moving average price is $51.00. Bank of New York Mellon has a 12-month low of $39.65 and a 12-month high of $58.28.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.05%. Bank of New York Mellon’s payout ratio is 42.32%.

Insider Buying and Selling

In related news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently bought and sold shares of BK. Quilter Plc purchased a new position in Bank of New York Mellon during the 1st quarter valued at about $446,850,000. Brown Brothers Harriman & Co. raised its holdings in shares of Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after purchasing an additional 300 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at $36,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $45,000. Finally, Pacific Center for Financial Services acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at $55,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

BK has been the subject of a number of recent research reports. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. Citigroup raised their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. JPMorgan Chase & Co. upgraded shares of Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 price target on the stock in a research report on Monday, December 18th. Evercore ISI raised their price target on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Finally, UBS Group raised their price target on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $56.72.

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.