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) – Equities research analysts at Seaport Res Ptn upped their Q2 2024 earnings estimates for shares of Bank of New York Mellon in a research note issued on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now expects that the bank will earn $1.43 per share for the quarter, up from their prior 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.

Several other research analysts have also weighed in on BK. Bank of America increased their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Morgan Stanley increased 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 report on Thursday, April 18th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Jefferies Financial Group increased their price objective on shares of 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. Finally, Evercore ISI raised their price target on shares of 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 equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.15.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $60.50 on Wednesday. The stock has a market capitalization of $45.24 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.20 and a beta of 1.09. Bank of New York Mellon has a 12-month low of $39.66 and a 12-month high of $60.87. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.71. The firm’s 50-day moving average is $58.51 and its two-hundred day moving average is $56.13.

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 (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period last year, the company earned $1.13 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year.

Bank of New York Mellon Announces Dividend

The company 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. The ex-dividend date of this dividend 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 is currently 40.98%.

Insider Activity

In other news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The disclosure for this sale can be found here. Insiders have sold 115,928 shares of company stock worth $6,475,216 over the last 90 days. Company insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

A number of hedge funds have recently made changes to their positions in BK. Advisors Asset Management Inc. grew its position in shares of Bank of New York Mellon by 10.4% during the third quarter. Advisors Asset Management Inc. now owns 22,382 shares of the bank’s stock worth $955,000 after buying an additional 2,109 shares in the last quarter. Axxcess Wealth Management LLC boosted its holdings in Bank of New York Mellon by 75.3% in the third quarter. Axxcess Wealth Management LLC now owns 11,682 shares of the bank’s stock worth $498,000 after purchasing an additional 5,017 shares during the period. Ameriprise Financial Inc. boosted its holdings in Bank of New York Mellon by 2.7% in the third quarter. Ameriprise Financial Inc. now owns 1,496,555 shares of the bank’s stock worth $63,829,000 after purchasing an additional 38,712 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in Bank of New York Mellon by 8.2% in the third quarter. Adage Capital Partners GP L.L.C. now owns 774,316 shares of the bank’s stock worth $33,025,000 after purchasing an additional 58,800 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Bank of New York Mellon by 0.9% in the third quarter. Legal & General Group Plc now owns 6,609,866 shares of the bank’s stock worth $281,912,000 after purchasing an additional 57,402 shares during the period. Institutional investors and hedge funds own 85.31% 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.