The Bank of New York Mellon Co. (NYSE:BK) Forecasted to Post Q3 2024 Earnings of $1.36 Per Share

The Bank of New York Mellon Co. (NYSE:BK) – Equities researchers at Zacks Research upped their Q3 2024 earnings estimates for Bank of New York Mellon in a report released on Monday, September 30th. Zacks Research analyst R. Department now expects that the bank will earn $1.36 per share for the quarter, up from their previous forecast of $1.34. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.63 per share. Zacks Research also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.45 EPS, FY2024 earnings at $5.61 EPS, Q1 2025 earnings at $1.34 EPS, Q2 2025 earnings at $1.59 EPS, Q3 2025 earnings at $1.53 EPS, Q4 2025 earnings at $1.64 EPS, FY2025 earnings at $6.09 EPS, Q1 2026 earnings at $1.60 EPS, Q2 2026 earnings at $1.78 EPS and FY2026 earnings at $7.02 EPS.

A number of other equities analysts also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price target for the stock from $66.00 to $80.00 in a research note on Monday, September 23rd. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. The Goldman Sachs Group upped their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.38.

Bank of New York Mellon Price Performance

BK stock opened at $70.95 on Wednesday. Bank of New York Mellon has a 1 year low of $39.66 and a 1 year high of $73.19. The company has a market cap of $53.06 billion, a P/E ratio of 16.42, a PEG ratio of 1.24 and a beta of 1.08. The firm has a 50-day moving average of $67.20 and a 200 day moving average of $61.60. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.38 earnings per share.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI lifted its stake in shares of Bank of New York Mellon by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock valued at $231,000 after buying an additional 165 shares in the last quarter. Lake Street Advisors Group LLC lifted its stake in Bank of New York Mellon by 3.8% in the 2nd quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank’s stock worth $281,000 after purchasing an additional 171 shares in the last quarter. Greenleaf Trust lifted its stake in Bank of New York Mellon by 0.7% in the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after purchasing an additional 187 shares in the last quarter. 1858 Wealth Management LLC lifted its stake in Bank of New York Mellon by 4.0% in the 2nd quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock worth $291,000 after purchasing an additional 188 shares in the last quarter. Finally, Semmax Financial Advisors Inc. lifted its stake in Bank of New York Mellon by 1.9% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock worth $591,000 after purchasing an additional 189 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now owns 173,930 shares in the company, valued at approximately $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

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.