#4 - Bank of New York Mellon (NYSE:BK)
Did we mention that Warren Buffett likes bank stocks? Although Bank of New York (BK) has been in Berkshire Hathaway's portfolio for quite some time, it has now climbed into the top ten of Berkshire's portfolio. In the first quarter of 2018, Berkshire bought 1.37 million shares, bringing its total share volume up to approximately 62.2 million shares that are worth an estimated $3.5 billion. In the first quarter of 2018, shares of the company rose nearly six percent amidst strong first-quarter financial results. Additionally, earnings per share rose.
The bank cited solid gains in fee-based revenue and an increase in net interest income as drivers of its growth to start 2018. BNY is also emphasizing custodial services above retail banking, showing that it does not always behave the way other banks do, which hasn’t always translated to positive performance. In the second quarter, the good news continued with a reported increase in net income to $1.1 billion dollars and earnings of $1.03 per share. This was up 14% year-over-year. Revenue also increased in line with analysts’ recommendations.
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.
Read More - Current Price
- $79.96
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 8 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $77.23 (3.4% Downside)
