Bank of New York Mellon (NYSE:BK) Issues Earnings Results, Beats Estimates By $0.18 EPS

Bank of New York Mellon (NYSE:BK) released its quarterly earnings results on Wednesday. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18, RTT News reports. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.28 earnings per share.

Bank of New York Mellon Stock Up 7.9 %

BK stock opened at $81.95 on Thursday. The company has a 50 day moving average price of $78.58 and a two-hundred day moving average price of $71.94. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $59.58 billion, a P/E ratio of 17.82, a PEG ratio of 0.91 and a beta of 1.08. Bank of New York Mellon has a one year low of $52.64 and a one year high of $82.72.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.29%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.87%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BK shares. Morgan Stanley lowered their price objective on shares of Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. The Goldman Sachs Group upped their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. boosted their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.57.

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.