Q2 2024 EPS Estimates for The Bank of New York Mellon Co. Boosted by Analyst (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK - Free Report) - Analysts at Seaport Res Ptn raised their Q2 2024 earnings estimates for shares of Bank of New York Mellon in a research report issued to clients and investors on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now forecasts that the bank will post earnings of $1.40 per share for the quarter, up from their previous estimate 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 analysts also recently issued reports on the stock. Morgan Stanley upgraded shares of Bank of New York Mellon from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Bank of America upped their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a "buy" rating in a research report on Wednesday. Royal Bank of Canada reiterated a "sector perform" rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Citigroup boosted their price objective on 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, Jefferies Financial Group boosted their price objective on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $59.15.

Bank of New York Mellon Price Performance

NYSE BK traded up $1.04 on Friday, hitting $56.29. 4,420,149 shares of the company were exchanged, compared to its average volume of 4,025,041. The firm has a 50 day moving average of $55.76 and a two-hundred day moving average of $51.23. The company has a market cap of $42.38 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.15 and a beta of 1.12. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a 1-year low of $39.65 and a 1-year high of $58.28.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.10. The business 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 firm's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.13 EPS.

Bank of New York Mellon Announces Dividend

The firm 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 dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a yield of 2.98%. Bank of New York Mellon's payout ratio is 40.98%.

Insider Buying and Selling

In related news, VP Catherine Keating sold 4,498 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 123,490 shares of the company's stock, valued at approximately $6,768,486.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.14% of the stock is owned by company insiders.

Institutional Trading of Bank of New York Mellon

A number of large investors have recently bought and sold shares of BK. Quent Capital LLC grew its position in Bank of New York Mellon by 3.8% in the fourth quarter. Quent Capital LLC now owns 5,033 shares of the bank's stock valued at $262,000 after acquiring an additional 182 shares during the last quarter. Hartford Financial Management Inc. grew its position 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 acquiring an additional 183 shares during the last quarter. Vivaldi Capital Management LP grew its position in Bank of New York Mellon by 3.3% in the fourth quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank's stock valued at $324,000 after acquiring an additional 192 shares during the last quarter. Certuity LLC boosted its stake in shares of Bank of New York Mellon by 2.3% during the fourth quarter. Certuity LLC now owns 8,972 shares of the bank's stock valued at $467,000 after purchasing an additional 205 shares in the last quarter. Finally, Choreo LLC boosted its stake in shares of Bank of New York Mellon by 1.8% during the fourth quarter. Choreo LLC now owns 11,903 shares of the bank's stock valued at $620,000 after purchasing an additional 208 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

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.