Bank of New York Mellon (NYSE:BK) Announces Quarterly Earnings Results, Beats Estimates By $0.21 EPS

Bank of New York Mellon (NYSE:BK - Get Free Report) released its quarterly earnings data on Tuesday. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.21, Zacks reports. Bank of New York Mellon had a return on equity of 13.57% and a net margin of 12.27%. The business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same quarter last year, the business posted $1.51 EPS. The business's revenue was up 9.4% on a year-over-year basis.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded up $2.46 during midday trading on Thursday, reaching $97.95. The stock had a trading volume of 5,685,815 shares, compared to its average volume of 4,145,996. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69. Bank of New York Mellon has a 12-month low of $60.93 and a 12-month high of $98.16. The stock has a 50-day moving average of $90.33 and a 200-day moving average of $84.93. The company has a market capitalization of $70.08 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.16%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 30.62%.

Wall Street Analyst Weigh In

BK has been the subject of several research reports. Wells Fargo & Company increased their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Truist Financial boosted their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research report on Wednesday. Morgan Stanley raised their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday. Evercore ISI lifted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.38.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president owned 55,115 shares in the company, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On Bank of New York Mellon

An institutional investor recently bought a new position in Bank of New York Mellon stock. Revolve Wealth Partners LLC bought a new position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 2,858 shares of the bank's stock, valued at approximately $220,000. 85.31% of the stock is owned by institutional investors.

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.