Bank of New York Mellon (NYSE:BK) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Bank of New York Mellon (NYSE:BK) issued its quarterly earnings data on Friday. The bank reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10, Briefing.com reports. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same period last year, the business posted $1.38 earnings per share. Bank of New York Mellon’s quarterly revenue was up 2.1% compared to the same quarter last year.

Bank of New York Mellon Price Performance

Shares of BK opened at $61.47 on Friday. Bank of New York Mellon has a twelve month low of $39.66 and a twelve month high of $61.55. The company has a market capitalization of $45.97 billion, a P/E ratio of 14.99, a price-to-earnings-growth ratio of 1.23 and a beta of 1.09. The firm has a 50 day moving average of $59.04 and a 200 day moving average of $56.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.06%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon 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 sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Evercore ISI restated an “in-line” rating and issued a $61.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, July 3rd. Bank of America boosted their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $60.00 to $70.00 in a research note on Thursday, June 27th. Finally, Jefferies Financial Group raised their target price 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. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.15.

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.