$4.09 Billion in Sales Expected for Bank of New York Mellon Corp (BK) This Quarter

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Wall Street analysts expect Bank of New York Mellon Corp (NYSE:BK) to post $4.09 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Bank of New York Mellon’s earnings, with the highest sales estimate coming in at $4.11 billion and the lowest estimate coming in at $4.05 billion. Bank of New York Mellon reported sales of $3.71 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 10.2%. The firm is scheduled to issue its next quarterly earnings report on Thursday, January 17th.

On average, analysts expect that Bank of New York Mellon will report full year sales of $16.46 billion for the current year, with estimates ranging from $16.39 billion to $16.50 billion. For the next financial year, analysts forecast that the company will post sales of $16.71 billion, with estimates ranging from $16.39 billion to $16.93 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Bank of New York Mellon.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, October 18th. The bank reported $1.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.02. The firm had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4.15 billion. Bank of New York Mellon had a net margin of 24.92% and a return on equity of 11.48%. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 EPS.

BK has been the subject of a number of analyst reports. Keefe, Bruyette & Woods set a $56.00 target price on shares of Bank of New York Mellon and gave the company a “hold” rating in a research note on Thursday, July 19th. ValuEngine lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Sandler O’Neill reissued a “hold” rating on shares of Bank of New York Mellon in a research note on Friday, July 13th. Vining Sparks reissued a “buy” rating and set a $62.00 target price on shares of Bank of New York Mellon in a research note on Monday, July 23rd. Finally, Zacks Investment Research lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $58.38.

Shares of NYSE BK traded up $0.35 during midday trading on Thursday, hitting $48.32. The company’s stock had a trading volume of 3,623,464 shares, compared to its average volume of 5,114,380. Bank of New York Mellon has a 1-year low of $45.16 and a 1-year high of $58.99. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market capitalization of $47.21 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Tuesday, October 30th will be issued a $0.28 dividend. The ex-dividend date is Monday, October 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Bank of New York Mellon’s payout ratio is currently 31.11%.

Several institutional investors have recently added to or reduced their stakes in BK. Norman Fields Gottscho Capital Management LLC increased its position in shares of Bank of New York Mellon by 196.7% in the second quarter. Norman Fields Gottscho Capital Management LLC now owns 32,131 shares of the bank’s stock worth $1,733,000 after acquiring an additional 21,300 shares in the last quarter. DnB Asset Management AS increased its position in shares of Bank of New York Mellon by 4.5% in the second quarter. DnB Asset Management AS now owns 127,967 shares of the bank’s stock worth $6,901,000 after acquiring an additional 5,500 shares in the last quarter. Abner Herrman & Brock LLC increased its position in shares of Bank of New York Mellon by 0.9% in the second quarter. Abner Herrman & Brock LLC now owns 213,486 shares of the bank’s stock worth $11,513,000 after acquiring an additional 1,825 shares in the last quarter. IFM Investors Pty Ltd increased its position in shares of Bank of New York Mellon by 42.0% in the second quarter. IFM Investors Pty Ltd now owns 45,648 shares of the bank’s stock worth $2,462,000 after acquiring an additional 13,502 shares in the last quarter. Finally, Cullinan Associates Inc. increased its position in shares of Bank of New York Mellon by 50.7% in the second quarter. Cullinan Associates Inc. now owns 68,800 shares of the bank’s stock worth $3,710,000 after acquiring an additional 23,150 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

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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