Seaport Res Ptn Brokers Boost Earnings Estimates for The Bank of New York Mellon Co. (NYSE:BK)

The Bank of New York Mellon Co. (NYSE:BK) – Analysts at Seaport Res Ptn boosted their Q3 2024 earnings estimates for Bank of New York Mellon in a report issued on Thursday, October 3rd. Seaport Res Ptn analyst J. Mitchell now expects that the bank will earn $1.39 per share for the quarter, up from their prior forecast of $1.34. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.63 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.49 EPS and Q1 2025 earnings at $1.35 EPS.

Several other analysts have also issued reports on BK. Citigroup boosted their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Barclays boosted their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Morgan Stanley raised their target price on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Evercore ISI boosted their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Finally, The Goldman Sachs Group raised their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $72.92.

Bank of New York Mellon Stock Up 1.0 %

BK stock opened at $73.19 on Monday. The business’s 50-day moving average is $67.61 and its two-hundred day moving average is $61.97. Bank of New York Mellon has a fifty-two week low of $39.66 and a fifty-two week high of $73.35. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $54.73 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 1.24 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results 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. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period in the prior year, the firm earned $1.38 EPS. The company’s revenue was up 2.1% compared to the same quarter last year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Monday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is 43.52%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.14% of the stock is owned by company insiders.

Institutional Trading of Bank of New York Mellon

A number of large investors have recently added to or reduced their stakes in BK. Olistico Wealth LLC bought a new position in shares of Bank of New York Mellon in the 2nd quarter valued at about $30,000. Able Wealth Management LLC bought 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. purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $32,000. Clearstead Trust LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $32,000. Finally, Family Firm Inc. purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at $40,000. Institutional investors own 85.31% 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 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.