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Have you been eager to see how The Bank of New York Mellon Corporation (BK - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based financial services company’s earnings release this morning:
Earnings
BNY Mellon came out with earnings of 88 cents per share, up 17.3% from the prior year quarter. The Zacks Consensus Estimate of 84 cents.
Rise in revenues was the primary reason for improved earnings.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted a bullish trend prior to the earnings release. The Zacks Consensus Estimate moved 1.2% upward over the last 30 days.
BNY Mellon has a decent earnings surprise history. The company delivered positive surprises in three of the trailing four quarters, with an average beat of 2.3%.
Bank Of New York Mellon Corporation (The) Price and EPS Surprise
BNY Mellon posted total revenues of $3.95 billion, outpacing with the Zacks Consensus Estimate of $3.85 billion. Also, it compared favorably with the year-ago figure of $3.77 billion.
Key Statistics
Provision for credit losses was benefit of $7 million Assets under custody and/or administration grew 5% year over year Repurchased 11 million common shares for $506 million
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3(Hold) for BNY Mellon. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Following the earnings release, BNY Mellon shares were up nearly 1% in the pre-trading session. This is in contrast with what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this BNY Mellon earnings report!
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BNY Mellon's (BK) Q2 Earnings & Revenue Improve Y/Y
Have you been eager to see how The Bank of New York Mellon Corporation (BK - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based financial services company’s earnings release this morning:
Earnings
BNY Mellon came out with earnings of 88 cents per share, up 17.3% from the prior year quarter. The Zacks Consensus Estimate of 84 cents.
Rise in revenues was the primary reason for improved earnings.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted a bullish trend prior to the earnings release. The Zacks Consensus Estimate moved 1.2% upward over the last 30 days.
BNY Mellon has a decent earnings surprise history. The company delivered positive surprises in three of the trailing four quarters, with an average beat of 2.3%.
Bank Of New York Mellon Corporation (The) Price and EPS Surprise
Bank Of New York Mellon Corporation (The) Price and EPS Surprise | Bank Of New York Mellon Corporation (The) Quote
Revenues
BNY Mellon posted total revenues of $3.95 billion, outpacing with the Zacks Consensus Estimate of $3.85 billion. Also, it compared favorably with the year-ago figure of $3.77 billion.
Key Statistics
Provision for credit losses was benefit of $7 million
Assets under custody and/or administration grew 5% year over year
Repurchased 11 million common shares for $506 million
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3(Hold) for BNY Mellon. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
How the Market Reacted So Far
Following the earnings release, BNY Mellon shares were up nearly 1% in the pre-trading session. This is in contrast with what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this BNY Mellon earnings report!
"3 Top Picks to Ride the Hottest Tech Trend
Zacks just released a Special Report to guide you through a space that has already begun to transform our entire economy...
Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>"