Seaport Res Ptn Research Analysts Lower Earnings Estimates for The Bank of New York Mellon Co. (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Research analysts at Seaport Res Ptn dropped their Q3 2024 earnings per share estimates for shares of Bank of New York Mellon in a research note issued to investors on Tuesday, April 16th. Seaport Res Ptn analyst J. Mitchell now forecasts that the bank will post earnings of $1.35 per share for the quarter, down from their prior estimate of $1.37. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.35 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s FY2024 earnings at $5.50 EPS, Q1 2025 earnings at $1.32 EPS, Q2 2025 earnings at $1.59 EPS, Q3 2025 earnings at $1.56 EPS, Q4 2025 earnings at $1.69 EPS and FY2025 earnings at $6.15 EPS.

BK has been the subject of a number of other research reports. Citigroup upped their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Bank of America upped their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday. Jefferies Financial Group upped their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $59.15.

Bank of New York Mellon Trading Up 1.4 %

NYSE BK opened at $55.24 on Thursday. Bank of New York Mellon has a 1-year low of $39.65 and a 1-year high of $58.28. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The stock has a 50-day moving average of $55.74 and a 200-day moving average of $51.13. The firm has a market cap of $41.58 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 1.15 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the previous year, the company posted $1.13 EPS. Bank of New York Mellon’s revenue for the quarter was up 3.8% on a year-over-year basis.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BK. Acadian Asset Management LLC boosted its stake in shares of Bank of New York Mellon by 160.0% during the 1st quarter. Acadian Asset Management LLC now owns 5,358 shares of the bank’s stock worth $263,000 after acquiring an additional 3,297 shares in the last quarter. Prudential PLC purchased a new position in Bank of New York Mellon in the 1st quarter valued at about $1,096,000. Cetera Investment Advisers lifted its stake in Bank of New York Mellon by 3.3% in the 1st quarter. Cetera Investment Advisers now owns 35,635 shares of the bank’s stock valued at $1,769,000 after buying an additional 1,154 shares in the last quarter. Candriam Luxembourg S.C.A. lifted its stake in Bank of New York Mellon by 54.3% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 232,115 shares of the bank’s stock valued at $11,519,000 after buying an additional 81,728 shares in the last quarter. Finally, Zions Bancorporation N.A. lifted its stake in Bank of New York Mellon by 165.3% in the 1st quarter. Zions Bancorporation N.A. now owns 1,459 shares of the bank’s stock valued at $72,000 after buying an additional 909 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the company’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now directly owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s payout ratio is 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.