What is Seaport Res Ptn’s Forecast for BK FY2024 Earnings?

The Bank of New York Mellon Co. (NYSE:BK) – Equities researchers at Seaport Res Ptn lifted their FY2024 earnings per share (EPS) estimates for shares of Bank of New York Mellon in a research report issued to clients and investors on Tuesday, January 7th. Seaport Res Ptn analyst J. Mitchell now expects that the bank will earn $5.88 per share for the year, up from their prior forecast of $5.82. The consensus estimate for Bank of New York Mellon’s current full-year earnings is $5.84 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon’s Q4 2024 earnings at $1.57 EPS, Q1 2025 earnings at $1.41 EPS, Q2 2025 earnings at $1.75 EPS, Q3 2025 earnings at $1.69 EPS, Q4 2025 earnings at $1.81 EPS, FY2025 earnings at $6.65 EPS and FY2026 earnings at $7.60 EPS.

BK has been the subject of a number of other reports. UBS Group increased their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. upped their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Citigroup raised their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Finally, Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 2nd. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $82.64.

Bank of New York Mellon Stock Down 0.1 %

Shares of NYSE BK opened at $77.88 on Friday. The firm has a fifty day simple moving average of $78.55 and a two-hundred day simple moving average of $71.42. The firm has a market capitalization of $56.62 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. Bank of New York Mellon has a 12 month low of $52.21 and a 12 month high of $82.72.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. The business had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in Bank of New York Mellon by 78.6% in the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after acquiring an additional 8,512,404 shares during the last quarter. Wellington Management Group LLP increased its stake in Bank of New York Mellon by 2,707.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after acquiring an additional 3,142,869 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Bank of New York Mellon by 99.4% during the 2nd quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock worth $157,583,000 after acquiring an additional 1,311,969 shares in the last quarter. Zacks Investment Management bought a new position in shares of Bank of New York Mellon during the 3rd quarter valued at approximately $62,589,000. Finally, State Street Corp grew its holdings in shares of Bank of New York Mellon by 2.0% in the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the transaction, the executive vice president now directly owns 75,404 shares in the company, valued at approximately $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. The trade was a 9.47 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

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.