The Bank of New York Mellon Co. to Post Q3 2024 Earnings of $1.36 Per Share, Zacks Research Forecasts (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK - Free Report) - Zacks Research boosted their Q3 2024 EPS estimates for shares of Bank of New York Mellon in a research note issued to investors on Monday, September 30th. Zacks Research analyst R. Department now forecasts that the bank will earn $1.36 per share for the quarter, up from their previous estimate of $1.34. The consensus estimate for Bank of New York Mellon's current full-year earnings is $5.63 per share. Zacks Research also issued estimates for Bank of New York Mellon's Q4 2024 earnings at $1.45 EPS, FY2024 earnings at $5.61 EPS, Q1 2025 earnings at $1.34 EPS, Q2 2025 earnings at $1.59 EPS, Q3 2025 earnings at $1.53 EPS, Q4 2025 earnings at $1.64 EPS, FY2025 earnings at $6.09 EPS, Q1 2026 earnings at $1.60 EPS, Q2 2026 earnings at $1.78 EPS and FY2026 earnings at $7.02 EPS.

Several other analysts also recently issued reports on the stock. Citigroup upped their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $66.00 to $80.00 in a research note on Monday, September 23rd. Barclays increased their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an "overweight" rating in a research note on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Finally, Morgan Stanley increased their price target on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an "equal weight" rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of "Moderate Buy" and a consensus price target of $69.38.

Bank of New York Mellon Stock Down 0.2 %

Shares of NYSE:BK traded down $0.16 on Wednesday, reaching $70.95. The company had a trading volume of 5,247,475 shares, compared to its average volume of 3,854,396. The stock has a market capitalization of $53.06 billion, a P/E ratio of 16.42, a P/E/G ratio of 1.24 and a beta of 1.08. The stock has a 50-day moving average price of $67.20 and a 200 day moving average price of $61.60. Bank of New York Mellon has a twelve month low of $39.66 and a twelve month high of $73.19. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 earnings per share.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently modified their holdings of the business. Olistico Wealth LLC acquired a new position in Bank of New York Mellon in the second quarter valued at about $30,000. Able Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in Bank of New York Mellon during the 1st quarter worth approximately $32,000. Clearstead Trust LLC acquired a new position in Bank of New York Mellon during the second quarter valued at approximately $32,000. Finally, Family Firm Inc. acquired a new position in Bank of New York Mellon during the second quarter valued at approximately $40,000. 85.31% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares of the company's stock, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon's payout ratio is currently 43.52%.

About Bank of New York Mellon

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.