The Bank of New York Mellon Co. (NYSE:BK) to Post Q3 2024 Earnings of $1.37 Per Share, Seaport Res Ptn Forecasts

The Bank of New York Mellon Co. (NYSE:BK) – Equities research analysts at Seaport Res Ptn boosted their Q3 2024 earnings estimates for shares of Bank of New York Mellon in a research report issued on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now anticipates that the bank will post earnings of $1.37 per share for the quarter, up from their previous forecast of $1.35. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.47 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 issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. Bank of New York Mellon’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.13 earnings per share.

A number of other equities research analysts have also recently issued reports on BK. 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 report on Wednesday, March 27th. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $60.00 to $70.00 in a report on Thursday, June 27th. Morgan Stanley upped 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. Bank of America boosted their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Finally, Jefferies Financial Group boosted their target price on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.15.

Bank of New York Mellon Trading Down 0.0 %

Shares of NYSE:BK opened at $60.47 on Thursday. The stock has a market capitalization of $45.22 billion, a PE ratio of 14.75, a P/E/G ratio of 1.21 and a beta of 1.09. Bank of New York Mellon has a 1 year low of $39.66 and a 1 year high of $60.91. The firm has a fifty day moving average price of $58.63 and a 200 day moving average price of $56.22. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BK. Wetzel Investment Advisors Inc. raised its position in Bank of New York Mellon by 82.1% in the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC acquired a new position in Bank of New York Mellon in the fourth quarter worth about $28,000. Able Wealth Management LLC acquired a new position in Bank of New York Mellon in the fourth quarter worth about $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Bank of New York Mellon during the first quarter worth about $32,000. Finally, Hartford Financial Management Inc. grew its stake in Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after buying an additional 183 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were 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 owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were 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 owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now directly owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,928 shares of company stock valued at $6,475,216. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Thursday, April 25th. Bank of New York Mellon’s dividend 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.