What is Zacks Research’s Forecast for BK FY2024 Earnings?

The Bank of New York Mellon Co. (NYSE:BK) – Research analysts at Zacks Research lifted their FY2024 EPS estimates for shares of Bank of New York Mellon in a research note issued on Monday, January 6th. Zacks Research analyst R. Department now expects that the bank will post earnings of $5.81 per share for the year, up from their prior estimate of $5.78. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.84 per share. Zacks Research also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.48 EPS, Q1 2025 earnings at $1.40 EPS, Q2 2025 earnings at $1.65 EPS, Q3 2025 earnings at $1.59 EPS, FY2025 earnings at $6.31 EPS, Q1 2026 earnings at $1.64 EPS, Q2 2026 earnings at $1.81 EPS, Q3 2026 earnings at $1.78 EPS, Q4 2026 earnings at $1.93 EPS and FY2026 earnings at $7.17 EPS.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The company had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion.

Several other research firms also recently commented on BK. Royal Bank of Canada reiterated a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Truist Financial began coverage on Bank of New York Mellon in a research report on Tuesday. They set a “buy” rating and a $91.00 price target on the stock. Evercore ISI upped their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research report on Monday, October 14th. Finally, Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $82.64.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $77.88 on Wednesday. The firm has a market cap of $56.62 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 0.91 and a beta of 1.08. The company’s 50 day moving average is $78.55 and its 200 day moving average is $71.42. Bank of New York Mellon has a 52-week low of $52.21 and a 52-week high of $82.72. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in the business. McClarren Financial Advisors Inc. grew its stake in shares of Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after buying an additional 346 shares during the period. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at about $32,000. Fortitude Family Office LLC boosted its holdings in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after acquiring an additional 346 shares during the period. Modus Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $49,000. Finally, Ashton Thomas Securities LLC acquired a new stake in Bank of New York Mellon during the 3rd quarter valued at $46,000. 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.