Back to top

Image: Bigstock

BNY Mellon's (BK) Q3 Earnings Beat Estimates, Revenues Up

Read MoreHide Full Article

Have you been eager to see how The Bank of New York Mellon Corporation (BK - Free Report) performed in Q3 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 Beat

BNY Mellon came out with earnings of 94 cents per share, surpassing the Zacks Consensus Estimate of 93 cents. Moreover, the figure was up 4.4% from the prior year quarter.

Results benefitted from a rise in revenues.

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 1.1% upward over the last 30 days.

BNY Mellon has a decent earnings surprise history. The company delivered positive surprises in two of the trailing four quarters, with an average beat of 4.8%.

Revenues

BNY Mellon posted total revenues of $4 billion, almost in line with the Zacks Consensus Estimate. The figure represents an increase of nearly 2% year over year.

Key Statistics

  • Provision for credit losses was a benefit of $6 million
  • Assets under custody and/or administration grew 6% year over year
  • Repurchased 12 million common shares for $650 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.)

Check back later for our full write up on this BNY Mellon earnings report!

Today's Stocks from Zacks' Hottest Strategies

It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.

And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.

See Them Free>>


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


The Bank of New York Mellon Corporation (BK) - free report >>

Published in