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:
An Earnings Beat
BNY Mellon came out with adjusted earnings of 90 cents per share, which beat the Zacks Consensus Estimate of 81 cents.
Improved top line was mainly responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted a bullish stance prior to the earnings release. The Zacks Consensus Estimate rose by a penny over the last 30 days.
BNY Mellon has a decent earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in all the prior four quarters, with an average beat of 5.2% in the trailing four quarters.
Higher than Expected Revenues
BNY Mellon posted total revenues of $3.93 billion, which came above the Zacks Consensus Estimate of $3.85 billion. Also, it compared favorably with the year-ago figure of $3.80 billion.
Key Statistics
- Provision for credit losses was a benefit of $19 million
- Assets under custody and/or administration grew 7% year over year
- Repurchased 11.6 million common shares for $464 million
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) 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!
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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:
An Earnings Beat
BNY Mellon came out with adjusted earnings of 90 cents per share, which beat the Zacks Consensus Estimate of 81 cents.
Improved top line was mainly responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted a bullish stance prior to the earnings release. The Zacks Consensus Estimate rose by a penny over the last 30 days.
BNY Mellon has a decent earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in all the prior four quarters, with an average beat of 5.2% in the trailing four quarters.
Higher than Expected Revenues
BNY Mellon posted total revenues of $3.93 billion, which came above the Zacks Consensus Estimate of $3.85 billion. Also, it compared favorably with the year-ago figure of $3.80 billion.
Key Statistics
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) 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!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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