Q3 2024 EPS Estimates for The Bank of New York Mellon Co. (NYSE:BK) Decreased by Analyst

The Bank of New York Mellon Co. (NYSE:BK - Free Report) - Analysts at Seaport Res Ptn lowered their Q3 2024 earnings estimates for Bank of New York Mellon in a note issued to investors on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now forecasts that the bank will earn $1.35 per share for the quarter, down from their prior forecast of $1.37. The consensus estimate for Bank of New York Mellon's current full-year earnings is $5.35 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon's FY2024 earnings at $5.50 EPS, Q1 2025 earnings at $1.32 EPS, Q2 2025 earnings at $1.59 EPS, Q3 2025 earnings at $1.56 EPS, Q4 2025 earnings at $1.69 EPS and FY2025 earnings at $6.15 EPS.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company's quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $1.13 earnings per share.

Other equities research analysts also recently issued research reports about the company. UBS Group raised their price objective on 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. Morgan Stanley raised shares of Bank of New York Mellon from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Jefferies Financial Group increased their target price on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday. Citigroup lifted their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, February 14th. Finally, Bank of America increased their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon has an average rating of "Hold" and an average target price of $59.15.

Bank of New York Mellon Stock Up 1.4 %

NYSE BK traded up $0.77 during midday trading on Thursday, hitting $55.24. 3,473,891 shares of the company traded hands, compared to its average volume of 4,019,767. The company has a market cap of $41.58 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 1.15 and a beta of 1.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28. The company's 50-day simple moving average is $55.74 and its 200-day simple moving average is $51.13.

Bank of New York Mellon Announces Dividend

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

Insider Buying and Selling at Bank of New York Mellon

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Atlantic Edge Private Wealth Management LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at approximately $28,000. Brown Brothers Harriman & Co. lifted its stake in shares of Bank of New York Mellon by 97.1% in 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 during the period. Able Wealth Management LLC purchased a new stake in Bank of New York Mellon during the fourth quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Bank of New York Mellon during the first quarter valued at $32,000. Finally, Hartford Financial Management Inc. increased its holdings in Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank's stock valued at $33,000 after buying an additional 183 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.