Zacks Research Has Strong Estimate for BK FY2024 Earnings

The Bank of New York Mellon Co. (NYSE:BK) – Stock analysts at Zacks Research lifted their FY2024 earnings estimates for Bank of New York Mellon in a research report issued on Monday, January 6th. Zacks Research analyst R. Department now forecasts that the bank will post earnings of $5.81 per share for the year, up from their prior estimate of $5.78. 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 $1.48 EPS, Q1 2025 earnings at $1.40 EPS, Q2 2025 earnings at $1.65 EPS, Q3 2025 earnings at $1.59 EPS, FY2025 earnings at $6.31 EPS, Q1 2026 earnings at $1.64 EPS, Q2 2026 earnings at $1.81 EPS, Q3 2026 earnings at $1.78 EPS, Q4 2026 earnings at $1.93 EPS and FY2026 earnings at $7.17 EPS.

Other equities analysts have also issued research reports about the stock. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research report on Monday, October 14th. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Wolfe Research cut Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, The Goldman Sachs Group upped their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.64.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $77.88 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. Bank of New York Mellon has a 1 year low of $52.21 and a 1 year high of $82.72. The firm’s fifty day simple moving average is $78.55 and its 200 day simple moving average is $71.42. The firm has a market capitalization of $56.62 billion, a PE ratio of 16.93, a PEG ratio of 0.91 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%.

Insider Activity

In related news, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction 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 owns 157,455 shares in the company, valued at $12,040,583.85. The trade was a 9.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. McClarren Financial Advisors Inc. boosted its holdings in shares of Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after buying an additional 346 shares during the last quarter. Clearstead Trust LLC bought a new stake in shares of Bank of New York Mellon in the second quarter valued at $32,000. Fortitude Family Office LLC lifted its holdings in Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. Grove Bank & Trust boosted its position in Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Bank of New York Mellon in the third quarter worth about $46,000. 85.31% of the stock is owned by institutional investors.

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.