The Bank of New York Mellon Co. (NYSE:BK - Free Report) - Zacks Research raised their FY2024 earnings per share (EPS) estimates for shares of Bank of New York Mellon in a note issued to investors on Thursday, January 9th. Zacks Research analyst R. Department now expects that the bank will post earnings per share of $5.83 for the year, up from their prior forecast of $5.81. The consensus estimate for Bank of New York Mellon's current full-year earnings is $5.84 per share. Zacks Research also issued estimates for Bank of New York Mellon's Q4 2024 earnings at $1.50 EPS, Q1 2025 earnings at $1.41 EPS, Q2 2025 earnings at $1.67 EPS, Q3 2025 earnings at $1.61 EPS, Q4 2025 earnings at $1.69 EPS, FY2025 earnings at $6.39 EPS, Q1 2026 earnings at $1.66 EPS, Q2 2026 earnings at $1.83 EPS, Q3 2026 earnings at $1.80 EPS, Q4 2026 earnings at $1.97 EPS and FY2026 earnings at $7.26 EPS.
Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, November 11th. The Goldman Sachs Group upped their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. Barclays raised their price target on shares of Bank of New York Mellon from $86.00 to $102.00 and gave the stock an "overweight" rating in a research note on Monday. Citigroup boosted their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a "neutral" rating in a research report on Monday, November 25th. Finally, Wolfe Research downgraded shares of Bank of New York Mellon from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $82.64.
Check Out Our Latest Stock Analysis on BK
Bank of New York Mellon Price Performance
NYSE:BK traded down $2.40 during trading hours on Friday, hitting $75.55. 3,577,393 shares of the stock were exchanged, compared to its average volume of 3,550,265. The firm's fifty day moving average price is $78.55 and its 200 day moving average price is $71.42. Bank of New York Mellon has a 52-week low of $52.21 and a 52-week high of $82.72. The company has a market cap of $54.93 billion, a P/E ratio of 16.42, a P/E/G ratio of 0.91 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.
Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to analysts' expectations of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%.
Hedge Funds Weigh In On Bank of New York Mellon
Several institutional investors have recently modified their holdings of BK. FMR LLC grew its stake in Bank of New York Mellon by 78.6% during the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank's stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank's stock worth $234,189,000 after buying an additional 3,142,869 shares in the last quarter. Marshall Wace LLP grew its position in shares of Bank of New York Mellon by 99.4% during the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank's stock worth $157,583,000 after buying an additional 1,311,969 shares in the last quarter. Zacks Investment Management acquired a new stake in Bank of New York Mellon in the third quarter valued at approximately $62,589,000. Finally, State Street Corp lifted its stake in Bank of New York Mellon by 2.0% in the third quarter. State Street Corp now owns 33,313,594 shares of the bank's stock worth $2,393,915,000 after acquiring an additional 659,096 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.
Insider Buying and Selling
In other news, EVP J Kevin Mccarthy sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now owns 75,404 shares of the company's stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares in the company, valued at approximately $12,040,583.85. The trade was a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company's stock.
About Bank of New York Mellon
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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.
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