Bank of New York Mellon Corp (NYSE:BK) Expected to Earn FY2020 Earnings of $4.20 Per Share

Bank of New York Mellon Corp (NYSE:BK) – Equities research analysts at Jefferies Financial Group lowered their FY2020 earnings estimates for shares of Bank of New York Mellon in a report issued on Wednesday, April 17th, Zacks Investment Research reports. Jefferies Financial Group analyst K. Usdin now anticipates that the bank will earn $4.20 per share for the year, down from their previous estimate of $4.40.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, April 17th. The bank reported $0.94 EPS for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.02). The company had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $4.01 billion. Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. Bank of New York Mellon’s revenue was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.10 earnings per share.

A number of other brokerages also recently commented on BK. ValuEngine upgraded shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research note on Friday, May 3rd. Royal Bank of Canada dropped their price objective on shares of Bank of New York Mellon to $52.00 and set a “positive” rating on the stock in a research note on Thursday, April 18th. Zacks Investment Research downgraded shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Monday, April 29th. Deutsche Bank increased their price objective on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, Vining Sparks reiterated a “buy” rating and set a $55.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, January 23rd. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $53.75.

BK stock traded up $0.32 during mid-day trading on Friday, reaching $48.10. The company had a trading volume of 3,826,428 shares, compared to its average volume of 5,789,758. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.68 and a quick ratio of 0.70. The company has a market capitalization of $45.75 billion, a P/E ratio of 11.43, a P/E/G ratio of 1.42 and a beta of 1.01. Bank of New York Mellon has a 12 month low of $43.67 and a 12 month high of $58.22.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 10th. Stockholders of record on Monday, April 29th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, April 26th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. Bank of New York Mellon’s dividend payout ratio is presently 26.60%.

In other Bank of New York Mellon news, CEO Charles W. Scharf sold 4,674 shares of the firm’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $52.99, for a total value of $247,675.26. Following the completion of the sale, the chief executive officer now directly owns 304,118 shares in the company, valued at $16,115,212.82. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Edward P. Garden sold 1,336 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $52.00, for a total transaction of $69,472.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 853,244 shares of company stock valued at $43,210,239. 1.71% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Lavaca Capital LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth $27,000. C J Advisory Inc purchased a new position in shares of Bank of New York Mellon in the first quarter worth $28,000. Berman Capital Advisors LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth $33,000. Sontag Advisory LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth $33,000. Finally, Valley National Advisers Inc. raised its holdings in shares of Bank of New York Mellon by 76.5% during the fourth quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock worth $34,000 after purchasing an additional 309 shares during the last quarter. Institutional investors own 87.67% of the company’s stock.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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

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