The Bank of New York Mellon Co. (NYSE:BK) to Post Q3 2024 Earnings of $1.37 Per Share, Seaport Res Ptn Forecasts

The Bank of New York Mellon Co. (NYSE:BK) – Research analysts at Seaport Res Ptn lifted their Q3 2024 earnings per share (EPS) estimates for Bank of New York Mellon in a research report issued on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now forecasts that the bank will earn $1.37 per share for the quarter, up from their previous forecast of $1.35. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.47 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.47 EPS.

Several other research firms have also recently weighed in on BK. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Keefe, Bruyette & Woods raised Bank of New York Mellon from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $60.00 to $70.00 in a research note on Thursday, June 27th. Evercore ISI reaffirmed an “in-line” rating and issued a $61.00 target price on shares of Bank of New York Mellon in a research note on Wednesday. Finally, Bank of America upped their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $61.15.

Bank of New York Mellon Stock Down 0.0 %

BK stock opened at $60.47 on Thursday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. The company’s 50 day moving average is $58.63 and its 200 day moving average is $56.22. The stock has a market cap of $45.22 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 1.21 and a beta of 1.09. Bank of New York Mellon has a 1-year low of $39.66 and a 1-year high of $60.91.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data 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 company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. Bank of New York Mellon’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.13 earnings per share.

Bank of New York Mellon Announces Dividend

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

Insider Activity

In related news, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP J Kevin Mccarthy sold 40,000 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the sale, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is currently owned by company insiders.

Institutional Trading of Bank of New York Mellon

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wetzel Investment Advisors Inc. raised its holdings in Bank of New York Mellon by 82.1% in the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at $28,000. Able Wealth Management LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Bank of New York Mellon during the first quarter valued at $32,000. Finally, Hartford Financial Management Inc. increased its holdings in shares of Bank of New York Mellon by 41.4% during 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 in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.