The Bank of New York Mellon Co. (NYSE:BK) Expected to Post Quarterly Sales of $3.90 Billion

Equities research analysts predict that The Bank of New York Mellon Co. (NYSE:BK) will report $3.90 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for The Bank of New York Mellon’s earnings, with the highest sales estimate coming in at $3.93 billion and the lowest estimate coming in at $3.88 billion. The Bank of New York Mellon posted sales of $3.85 billion in the same quarter last year, which suggests a positive year over year growth rate of 1.3%. The business is scheduled to announce its next quarterly earnings results before the market opens on Tuesday, October 19th.

According to Zacks, analysts expect that The Bank of New York Mellon will report full year sales of $15.77 billion for the current year, with estimates ranging from $15.70 billion to $15.89 billion. For the next fiscal year, analysts expect that the firm will report sales of $16.11 billion, with estimates ranging from $15.95 billion to $16.28 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover The Bank of New York Mellon.

The Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, July 14th. The bank reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.13. The Bank of New York Mellon had a net margin of 22.86% and a return on equity of 9.27%. The company had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.86 billion. During the same quarter last year, the company earned $1.01 earnings per share. The Bank of New York Mellon’s revenue for the quarter was down 1.2% on a year-over-year basis.

BK has been the subject of several recent research reports. Evercore ISI reaffirmed a “hold” rating and issued a $52.00 price objective on shares of The Bank of New York Mellon in a research report on Friday, July 2nd. Morgan Stanley raised their price target on shares of The Bank of New York Mellon from $46.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 29th. Credit Suisse Group raised their price target on shares of The Bank of New York Mellon from $54.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday, July 16th. Argus raised shares of The Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price target for the stock from $54.75 to $55.00 in a research report on Tuesday, July 20th. Finally, Keefe, Bruyette & Woods raised shares of The Bank of New York Mellon from a “market perform” rating to an “outperform” rating and set a $59.00 price target for the company in a research report on Thursday, June 17th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $53.50.

In other The Bank of New York Mellon news, EVP Salla Francis J. La sold 25,000 shares of the firm’s stock in a transaction on Friday, July 16th. The stock was sold at an average price of $49.41, for a total value of $1,235,250.00. Following the sale, the executive vice president now directly owns 69,299 shares in the company, valued at $3,424,063.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.12% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of The Bank of New York Mellon by 0.8% during the second quarter. Vanguard Group Inc. now owns 69,732,438 shares of the bank’s stock valued at $3,572,393,000 after purchasing an additional 578,136 shares in the last quarter. Dodge & Cox raised its stake in shares of The Bank of New York Mellon by 0.4% during the second quarter. Dodge & Cox now owns 61,749,322 shares of the bank’s stock valued at $3,163,418,000 after purchasing an additional 251,485 shares in the last quarter. BlackRock Inc. raised its stake in shares of The Bank of New York Mellon by 5.6% during the first quarter. BlackRock Inc. now owns 59,642,595 shares of the bank’s stock valued at $2,820,497,000 after purchasing an additional 3,169,102 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in shares of The Bank of New York Mellon by 3.3% during the second quarter. Artisan Partners Limited Partnership now owns 20,452,480 shares of the bank’s stock valued at $1,047,781,000 after purchasing an additional 657,235 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of The Bank of New York Mellon by 0.4% during the second quarter. Geode Capital Management LLC now owns 12,910,747 shares of the bank’s stock valued at $659,363,000 after purchasing an additional 55,055 shares in the last quarter. Institutional investors own 82.50% of the company’s stock.

NYSE:BK traded down $1.56 during trading hours on Wednesday, hitting $49.59. The stock had a trading volume of 6,154,497 shares, compared to its average volume of 5,207,834. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.63. The Bank of New York Mellon has a 1-year low of $32.65 and a 1-year high of $56.64. The business has a 50 day simple moving average of $52.36 and a two-hundred day simple moving average of $50.30. The company has a market cap of $42.80 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 2.08 and a beta of 1.10.

The business also recently announced a quarterly dividend, which was paid on Monday, August 9th. Shareholders of record on Tuesday, July 27th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.74%. This is a boost from The Bank of New York Mellon’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Monday, July 26th. The Bank of New York Mellon’s dividend payout ratio (DPR) is presently 33.92%.

The Bank of New York Mellon announced that its board has initiated a share repurchase plan on Monday, June 28th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 13.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

The Bank of New York Mellon Company Profile

The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Investment Services and Investment and Wealth Management. The Investment Services and Investment segment includes institutional trust and custody fees, broker-dealer services, corporate trust, depositary receipts, and foreign exchange.

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

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