What is Seaport Res Ptn’s Estimate for BK FY2024 Earnings?

The Bank of New York Mellon Co. (NYSE:BK) – Equities researchers at Seaport Res Ptn increased their FY2024 earnings per share (EPS) estimates for shares of Bank of New York Mellon in a report released on Tuesday, January 7th. Seaport Res Ptn analyst J. Mitchell now expects that the bank will post earnings per share of $5.88 for the year, up from their prior forecast of $5.82. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.84 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.57 EPS, Q1 2025 earnings at $1.41 EPS, Q2 2025 earnings at $1.75 EPS, Q3 2025 earnings at $1.69 EPS, Q4 2025 earnings at $1.81 EPS, FY2025 earnings at $6.65 EPS and FY2026 earnings at $7.60 EPS.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share (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 return on equity of 12.06% and a net margin of 9.44%.

Several other analysts also recently commented on BK. Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Evercore ISI upped their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a report on Monday, October 14th. Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $81.00 to $82.00 and gave the company an “equal weight” rating in a research note on Thursday, January 2nd. Morgan Stanley decreased 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 report on Friday, January 3rd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on 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. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.64.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $75.55 on Friday. 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. The firm has a market cap 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. The business’s 50 day moving average price is $78.56 and its 200 day moving average price is $71.53.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently modified their holdings of BK. Private Advisor Group LLC lifted its stake in Bank of New York Mellon by 1.6% in the 2nd quarter. Private Advisor Group LLC now owns 51,584 shares of the bank’s stock worth $3,089,000 after purchasing an additional 814 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Bank of New York Mellon by 8.3% during the second quarter. Daiwa Securities Group Inc. now owns 88,302 shares of the bank’s stock worth $5,288,000 after buying an additional 6,755 shares during the last quarter. Coldstream Capital Management Inc. grew its holdings in Bank of New York Mellon by 2.8% in the 2nd quarter. Coldstream Capital Management Inc. now owns 11,795 shares of the bank’s stock valued at $706,000 after buying an additional 325 shares in the last quarter. AGF Management Ltd. increased its stake in shares of Bank of New York Mellon by 32.7% in the 2nd quarter. AGF Management Ltd. now owns 38,210 shares of the bank’s stock worth $2,288,000 after acquiring an additional 9,425 shares during the last quarter. Finally, Achmea Investment Management B.V. raised its holdings in shares of Bank of New York Mellon by 124.6% during the 2nd quarter. Achmea Investment Management B.V. now owns 178,405 shares of the bank’s stock worth $10,684,000 after acquiring an additional 98,984 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now owns 157,455 shares in the company, valued at $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the sale, the executive vice president now directly owns 75,404 shares in the company, valued at $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. 0.14% of the stock is currently owned by company insiders.

About Bank of New York Mellon

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.