BNY Mellon (NYSE: BK) Stock Price Target

BNY Mellon

Established in 1784, BNY Mellon (NYSE: BK) is America’s oldest bank and the first company listed on the New York Stock Exchange (NYSE: BK). Today, BNY Mellon powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY Mellon had $45.7 trillion in assets under custody and/or administration and $1.8 trillion in assets under management as of September 30, 2023. BNY Mellon has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation.

CFRA Reiterates Buy Rating On Shares Of The Bank Of New York Mellon Corporation

legume / October 18, 2023 / Financials / BNY Mellon

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: BK is executing with $45.7T (+8% Y/Y) assets under custody and $1.8T (+3%) AUM. We keep our $52 target on a forward P/E of 10.3x our 2024 EPS estimate vs. the three-year historic average at 11.4x. We raise our 2023 EPS view by $0.05 to $4.90 and lower 2024’s by $0.10 to $5.05, above consensus. BK posted Q3 2023 EPS of $1.22, a $0.08 consensus beat. We forecast 2023 revenue at $17.45B (prior $17.60B) and 2024’s at $17.65B (prior $18.0B) vs. $16.3B in 2022. BK’s total NII was +10% Y/Y and non-NII was flat, leading to -2% total revenue growth. Total deposits were $262B, down from $279B at year-end 2022, and well below $345B in 2021. Securities Services segment revenue was +1% Y/Y and pre-tax income was […]

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BNY Mellon (NYSE: BK) Reports Third Quarter 2023 Results

NEW YORK, Oct. 17, 2023 — BNY Mellon (NYSE: BK) has reported financial results for the third quarter 2023. The company’s earnings release along with the quarterly financial highlights and other earnings-related documents are available at . Management will host a conference call and simultaneous live audio webcast at 10:30 a.m. ET today. This conference call and audio webcast will include forward-looking statements and may include other material information.