Zacks Research Has Optimistic Outlook of BK FY2024 Earnings

The Bank of New York Mellon Co. (NYSE:BK) – Equities researchers at Zacks Research raised their FY2024 earnings per share estimates for shares of Bank of New York Mellon in a research report issued on Thursday, January 9th. Zacks Research analyst R. Department now forecasts that the bank will post earnings of $5.83 per share for the year, up from their prior estimate of $5.81. 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 $1.50 EPS, Q1 2025 earnings at $1.41 EPS, Q2 2025 earnings at $1.67 EPS, Q3 2025 earnings at $1.61 EPS, Q4 2025 earnings at $1.69 EPS, FY2025 earnings at $6.39 EPS, Q1 2026 earnings at $1.66 EPS, Q2 2026 earnings at $1.83 EPS, Q3 2026 earnings at $1.80 EPS, Q4 2026 earnings at $1.97 EPS and FY2026 earnings at $7.26 EPS.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%.

Other equities research analysts have also recently issued reports about the company. Truist Financial began coverage on Bank of New York Mellon in a report on Tuesday. They set a “buy” rating and a $91.00 price target on the stock. Barclays lifted their target price on Bank of New York Mellon from $86.00 to $102.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Citigroup upped their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. The Goldman Sachs Group lifted their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $82.64.

Bank of New York Mellon Stock Down 3.1 %

BK opened at $75.55 on Friday. The stock has a market cap of $54.93 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The firm’s fifty day moving average is $78.56 and its 200 day moving average is $71.53. Bank of New York Mellon has a fifty-two week low of $52.21 and a fifty-two week high of $82.72.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in BK. Studio Investment Management LLC raised its holdings in shares of Bank of New York Mellon by 2.1% in the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after buying an additional 134 shares during the period. Stanley Laman Group Ltd. grew its position in Bank of New York Mellon by 2.2% in the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock valued at $445,000 after acquiring an additional 135 shares during the last quarter. Avidian Wealth Enterprises LLC increased its stake in Bank of New York Mellon by 2.0% in the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after purchasing an additional 137 shares during the period. Frank Rimerman Advisors LLC lifted its position in shares of Bank of New York Mellon by 1.1% during the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after purchasing an additional 142 shares during the last quarter. Finally, Sigma Planning Corp boosted its stake in shares of Bank of New York Mellon by 2.7% during the third quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock valued at $393,000 after purchasing an additional 143 shares during the period. Institutional investors own 85.31% of the company’s stock.

Insider Activity

In other news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this link. 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 transaction, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

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.