The Bank of New York Mellon Co. (NYSE:BK) Expected to Post Quarterly Sales of $4.13 Billion

Equities research analysts expect that The Bank of New York Mellon Co. (NYSE:BKGet Rating) will announce $4.13 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Bank of New York Mellon’s earnings, with the lowest sales estimate coming in at $4.09 billion and the highest estimate coming in at $4.18 billion. Bank of New York Mellon reported sales of $3.96 billion during the same quarter last year, which would suggest a positive year over year growth rate of 4.3%. The firm is expected to announce its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Bank of New York Mellon will report full-year sales of $16.71 billion for the current financial year, with estimates ranging from $16.50 billion to $16.83 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $17.89 billion, with estimates ranging from $17.69 billion to $18.16 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Bank of New York Mellon.

Bank of New York Mellon (NYSE:BKGet Rating) last issued its earnings results on Monday, April 18th. The bank reported $0.86 EPS for the quarter, topping the consensus estimate of $0.85 by $0.01. Bank of New York Mellon had a net margin of 23.26% and a return on equity of 9.51%. The company had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.94 billion. During the same period in the previous year, the firm earned $0.97 EPS. The business’s revenue was up .1% on a year-over-year basis.

Several equities research analysts recently commented on BK shares. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating and set a $55.00 price objective on the stock. in a research report on Thursday, March 31st. The Goldman Sachs Group decreased their price objective on shares of Bank of New York Mellon from $60.00 to $51.50 and set a “neutral” rating on the stock in a research report on Tuesday. Zacks Investment Research upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a report on Monday, January 10th. Royal Bank of Canada reduced their target price on shares of Bank of New York Mellon from $60.00 to $56.00 and set a “sector perform” rating on the stock in a report on Tuesday. Finally, Credit Suisse Group reduced their target price on shares of Bank of New York Mellon from $66.00 to $63.00 and set an “outperform” rating on the stock in a report on Monday, March 21st. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $58.96.

A number of institutional investors and hedge funds have recently bought and sold shares of BK. Commonwealth Equity Services LLC increased its position in Bank of New York Mellon by 5.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 156,357 shares of the bank’s stock worth $8,105,000 after purchasing an additional 8,136 shares in the last quarter. Nordea Investment Management AB grew its position in Bank of New York Mellon by 96.9% in the third quarter. Nordea Investment Management AB now owns 878,130 shares of the bank’s stock valued at $46,532,000 after acquiring an additional 432,256 shares in the last quarter. Independent Advisor Alliance acquired a new stake in Bank of New York Mellon in the third quarter valued at approximately $224,000. AE Wealth Management LLC grew its position in Bank of New York Mellon by 3.4% in the third quarter. AE Wealth Management LLC now owns 42,064 shares of the bank’s stock valued at $2,181,000 after acquiring an additional 1,394 shares in the last quarter. Finally, Perigon Wealth Management LLC acquired a new stake in Bank of New York Mellon in the third quarter valued at approximately $344,000. 82.45% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon stock opened at $44.21 on Friday. Bank of New York Mellon has a 52 week low of $44.14 and a 52 week high of $64.63. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.69. The firm’s 50-day simple moving average is $51.24 and its 200 day simple moving average is $56.22. The firm has a market capitalization of $35.68 billion, a PE ratio of 10.65, a P/E/G ratio of 1.71 and a beta of 1.12.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 11th. Investors of record on Thursday, April 28th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Wednesday, April 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.77%.

About Bank of New York Mellon (Get Rating)

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, prime brokerage, and data analytics.

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

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