Brokerages Expect Bank of New York Mellon Corp (BK) to Post $0.99 EPS

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Wall Street brokerages expect that Bank of New York Mellon Corp (NYSE:BK) will announce $0.99 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Bank of New York Mellon’s earnings. The lowest EPS estimate is $0.97 and the highest is $1.02. Bank of New York Mellon posted earnings per share of $1.10 during the same quarter last year, which would indicate a negative year over year growth rate of 10%. The company is scheduled to announce its next earnings report on Thursday, April 18th.

According to Zacks, analysts expect that Bank of New York Mellon will report full year earnings of $4.26 per share for the current year, with EPS estimates ranging from $4.10 to $4.40. For the next financial year, analysts anticipate that the business will report earnings of $4.63 per share, with EPS estimates ranging from $4.40 to $4.89. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research analysts that follow Bank of New York Mellon.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 16th. The bank reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.07. The firm had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $4.02 billion. Bank of New York Mellon had a net margin of 22.19% and a return on equity of 11.53%. The company’s revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm earned $0.91 EPS.

BK has been the subject of several research analyst reports. Zacks Investment Research reaffirmed a “hold” rating on shares of Bank of New York Mellon in a research note on Monday, December 31st. Credit Suisse Group cut their target price on shares of Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, December 7th. ValuEngine raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research note on Tuesday, November 20th. Citigroup cut shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and cut their target price for the company from $55.00 to $52.00 in a research note on Wednesday, January 9th. Finally, Deutsche Bank raised their target price on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. Bank of New York Mellon presently has an average rating of “Hold” and a consensus target price of $55.88.

In related news, VP Bridget E. Engle sold 22,670 shares of Bank of New York Mellon stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $52.99, for a total transaction of $1,201,283.30. Following the completion of the sale, the vice president now owns 92,150 shares in the company, valued at approximately $4,883,028.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Edward P. Garden sold 171,960 shares of Bank of New York Mellon stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $52.28, for a total transaction of $8,990,068.80. The disclosure for this sale can be found here. Insiders sold a total of 3,713,437 shares of company stock valued at $198,594,100 in the last 90 days. Company insiders own 1.76% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lindbrook Capital LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at about $80,000. Hudson Capital Management LLC raised its holdings in shares of Bank of New York Mellon by 10.1% in the 4th quarter. Hudson Capital Management LLC now owns 11,494 shares of the bank’s stock valued at $541,000 after purchasing an additional 1,053 shares in the last quarter. Alexandria Capital LLC raised its holdings in shares of Bank of New York Mellon by 14.9% in the 3rd quarter. Alexandria Capital LLC now owns 68,476 shares of the bank’s stock valued at $3,491,000 after purchasing an additional 8,888 shares in the last quarter. Cypress Capital Management LLC raised its holdings in shares of Bank of New York Mellon by 3.1% in the 3rd quarter. Cypress Capital Management LLC now owns 184,685 shares of the bank’s stock valued at $9,417,000 after purchasing an additional 5,620 shares in the last quarter. Finally, Palo Capital Inc. raised its holdings in shares of Bank of New York Mellon by 2.6% in the 4th quarter. Palo Capital Inc. now owns 11,610 shares of the bank’s stock valued at $546,000 after purchasing an additional 295 shares in the last quarter. Institutional investors own 83.92% of the company’s stock.

BK traded up $0.36 during trading on Friday, hitting $53.12. 9,613,037 shares of the company traded hands, compared to its average volume of 4,693,535. The stock has a market capitalization of $50.72 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.48 and a beta of 1.04. Bank of New York Mellon has a 1 year low of $43.67 and a 1 year high of $58.22. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon announced that its board has initiated a stock buyback program on Monday, December 10th that permits the company to repurchase $830.00 million in shares. This repurchase authorization permits the bank to buy up to 1.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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Earnings History and Estimates for Bank of New York Mellon (NYSE:BK)

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