Equities Analysts Issue Forecasts for The Bank of New York Mellon Co.’s Q3 2024 Earnings (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Seaport Res Ptn increased their Q3 2024 earnings estimates for shares of Bank of New York Mellon in a note issued to investors 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 prior forecast of $1.35. 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 Q4 2024 earnings at $1.47 EPS.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $4.39 billion. During the same quarter in the prior year, the business posted $1.13 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year.

BK has been the subject of several other research reports. Bank of America increased their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Jefferies Financial Group increased their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Evercore ISI reiterated an “in-line” rating and issued a $61.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday. Finally, Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research note on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.15.

Bank of New York Mellon Trading Down 0.0 %

BK opened at $60.47 on Thursday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.71. Bank of New York Mellon has a fifty-two week low of $39.66 and a fifty-two week high of $60.91. The firm has a market capitalization of $45.22 billion, a PE ratio of 14.75, a P/E/G ratio of 1.20 and a beta of 1.09. The company’s 50-day moving average is $58.57 and its 200 day moving average is $56.19.

Institutional Trading of Bank of New York Mellon

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wetzel Investment Advisors Inc. raised its position in shares of Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after buying an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth $28,000. Able Wealth Management LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Bank of New York Mellon in the 1st quarter worth $32,000. Finally, Hartford Financial Management Inc. raised its position in Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after purchasing an additional 183 shares during the period. 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 Catherine Keating sold 54,070 shares of the firm’s 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 completion of the sale, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the transaction, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The disclosure for this sale can be found here. Insiders sold a total of 115,928 shares of company stock worth $6,475,216 in the last quarter. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 2.78%. Bank of New York Mellon’s payout ratio is currently 40.98%.

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.