Zacks Research Has Bullish Estimate for BK FY2024 Earnings

The Bank of New York Mellon Co. (NYSE:BK) – Zacks Research increased their FY2024 earnings per share estimates for Bank of New York Mellon in a research note issued on Thursday, January 9th. Zacks Research analyst R. Department now expects that the bank will post earnings per share of $5.83 for the year, up from their prior forecast 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 earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping the consensus estimate of $1.41 by $0.11. The firm had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%.

A number of other research analysts also recently weighed in on BK. JPMorgan Chase & Co. upped their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Evercore ISI upped their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research note on Monday, October 14th. Morgan Stanley lowered their price objective on Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. Finally, Citigroup lifted their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.64.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $75.55 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. Bank of New York Mellon has a 1 year low of $52.21 and a 1 year high of $82.72. The company’s 50-day moving average is $78.56 and its 200 day moving average is $71.53. The stock has a market capitalization of $54.93 billion, a P/E ratio of 16.42, a P/E/G ratio of 0.91 and a beta of 1.08.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were 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 $5,754,079.24. This trade represents a 24.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now directly owns 157,455 shares of the company’s stock, valued at $12,040,583.85. The trade was a 9.47 % 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.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of BK. Studio Investment Management LLC lifted its holdings in 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 valued at $477,000 after acquiring an additional 134 shares during the period. Stanley Laman Group Ltd. lifted its stake in shares of 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 worth $445,000 after purchasing an additional 135 shares during the period. Avidian Wealth Enterprises LLC boosted its holdings in shares of 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 buying an additional 137 shares during the last quarter. Frank Rimerman Advisors LLC grew its position in 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 valued at $928,000 after buying an additional 142 shares during the period. Finally, Sigma Planning Corp increased its holdings in 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 buying an additional 143 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.