Zacks: Brokerages Anticipate Bank of New York Mellon Corp (BK) Will Post Quarterly Sales of $4.15 Billion

Brokerages predict that Bank of New York Mellon Corp (NYSE:BK) will post $4.15 billion in sales for the current quarter, Zacks reports. Four analysts have made estimates for Bank of New York Mellon’s earnings. The lowest sales estimate is $4.12 billion and the highest is $4.18 billion. Bank of New York Mellon posted sales of $3.95 billion during the same quarter last year, which suggests a positive year over year growth rate of 5.1%. The company is expected to announce its next earnings report on Thursday, July 19th.

On average, analysts expect that Bank of New York Mellon will report full year sales of $16.79 billion for the current year, with estimates ranging from $16.62 billion to $16.92 billion. For the next financial year, analysts forecast that the firm will report sales of $17.27 billion per share, with estimates ranging from $16.89 billion to $17.49 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Bank of New York Mellon.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, April 19th. The bank reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.14. Bank of New York Mellon had a return on equity of 11.27% and a net margin of 25.20%. The business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.04 billion. During the same period last year, the business posted $0.83 EPS. The business’s revenue was up 8.7% compared to the same quarter last year.

A number of research analysts have recently issued reports on the company. Deutsche Bank cut their price target on Bank of New York Mellon from $64.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, April 6th. Bank of America upgraded Bank of New York Mellon from an “underperform” rating to a “neutral” rating and set a $52.00 price target on the stock in a report on Wednesday, March 7th. Morgan Stanley lifted their price target on Bank of New York Mellon from $64.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Zacks Investment Research upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Wednesday, May 16th. Finally, Keefe, Bruyette & Woods set a $57.00 price target on Bank of New York Mellon and gave the company a “hold” rating in a report on Thursday, March 8th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $58.32.

In other news, Director Trian Fund Management, L.P. purchased 360,000 shares of the stock in a transaction on Friday, March 9th. The stock was bought at an average price of $56.67 per share, with a total value of $20,401,200.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Mitchell E. Harris sold 48,000 shares of Bank of New York Mellon stock in a transaction dated Monday, April 23rd. The stock was sold at an average price of $56.00, for a total value of $2,688,000.00. Following the sale, the insider now directly owns 166,810 shares of the company’s stock, valued at approximately $9,341,360. The disclosure for this sale can be found here. Insiders sold a total of 67,701 shares of company stock valued at $3,796,375 in the last three months. Insiders own 1.76% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Suntrust Banks Inc. lifted its position in Bank of New York Mellon by 23.3% during the 1st quarter. Suntrust Banks Inc. now owns 89,960 shares of the bank’s stock worth $4,634,000 after acquiring an additional 17,017 shares during the period. Howard Capital Management Inc. lifted its position in Bank of New York Mellon by 123.8% during the 1st quarter. Howard Capital Management Inc. now owns 330,527 shares of the bank’s stock worth $17,028,000 after acquiring an additional 182,839 shares during the period. Summit Trail Advisors LLC lifted its position in Bank of New York Mellon by 22.3% during the 1st quarter. Summit Trail Advisors LLC now owns 58,295 shares of the bank’s stock worth $2,463,000 after acquiring an additional 10,628 shares during the period. Xact Kapitalforvaltning AB lifted its position in Bank of New York Mellon by 3.2% during the 1st quarter. Xact Kapitalforvaltning AB now owns 185,508 shares of the bank’s stock worth $9,559,000 after acquiring an additional 5,675 shares during the period. Finally, Trust Co. of Vermont lifted its position in Bank of New York Mellon by 7.0% during the 1st quarter. Trust Co. of Vermont now owns 33,826 shares of the bank’s stock worth $1,743,000 after acquiring an additional 2,221 shares during the period. 82.22% of the stock is owned by institutional investors.

Shares of Bank of New York Mellon opened at $57.00 on Wednesday, Marketbeat reports. Bank of New York Mellon has a 12-month low of $46.60 and a 12-month high of $58.99. The firm has a market capitalization of $57.85 billion, a PE ratio of 15.83, a P/E/G ratio of 1.73 and a beta of 1.22. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 11th. Stockholders of record on Tuesday, May 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Monday, April 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.68%. Bank of New York Mellon’s payout ratio is 26.67%.

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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