The Bank of New York Mellon Co. (NYSE:BK) to Post Q2 2024 Earnings of $1.43 Per Share, Seaport Res Ptn Forecasts

The Bank of New York Mellon Co. (NYSE:BK) – Analysts at Seaport Res Ptn upped their Q2 2024 earnings per share estimates for shares of Bank of New York Mellon in a research note issued to investors on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now anticipates that the bank will post earnings of $1.43 per share for the quarter, up from their previous estimate of $1.40. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.45 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s FY2024 earnings at $5.55 EPS, Q1 2025 earnings at $1.33 EPS, Q2 2025 earnings at $1.61 EPS, Q3 2025 earnings at $1.58 EPS, Q4 2025 earnings at $1.70 EPS and FY2025 earnings at $6.20 EPS.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. The business had revenue of $4.53 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $1.13 EPS.

Other analysts have also recently issued reports about the company. Jefferies Financial Group lifted their price target on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Bank of America lifted 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, April 17th. Keefe, Bruyette & Woods raised Bank of New York Mellon from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $60.00 to $70.00 in a report on Thursday, June 27th. Finally, Evercore ISI lifted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $61.15.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $60.50 on Wednesday. The stock has a market cap of $45.24 billion, a P/E ratio of 14.73, a PEG ratio of 1.20 and a beta of 1.09. The stock has a 50 day simple moving average of $58.51 and a 200 day simple moving average of $56.13. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a 1-year low of $39.66 and a 1-year high of $60.87.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were given a $0.42 dividend. The ex-dividend date was Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.78%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total value of $901,818.95. Following the sale, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total value of $360,034.95. Following the transaction, the insider now directly owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,928 shares of company stock worth $6,475,216. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. raised its stake in Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after buying an additional 230 shares during the period. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $28,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $32,000. Able Wealth Management LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $32,000. Finally, Hartford Financial Management Inc. lifted its holdings in shares of 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 purchasing an additional 183 shares in the last quarter. 85.31% of the stock is 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.