Have you been eager to see how The Bank of New York Mellon Corporation (BK - Free Report) performed in Q4 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 Miss
BNY Mellon came out with adjusted earnings of 77 cents per share, which lagged the Zacks Consensus Estimate of 78 cents.
Lower investment and other income along with a fall in foreign exchange and other trading revenue were mainly responsible for earnings miss.
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 miss in Q4, the company delivered positive surprises in all the prior four quarters, with an average beat of 6.9% in the trailing four quarters.
Bank Of New York Mellon Corp. Price and EPS Surprise
Lower than Expected Revenues
BNY Mellon posted total revenues of $3.79 billion, lagging the Zacks Consensus Estimate of $3.86 billion. However, it compared favorably with the year-ago figure of $3.72 billion.
Key Statistics
- Provision for credit losses was $7 million
- Assets under custody and/or administration grew 3% year over year
- Repurchased 18.4 million common shares for $848 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 unfavorable, 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 Q4 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 Miss
BNY Mellon came out with adjusted earnings of 77 cents per share, which lagged the Zacks Consensus Estimate of 78 cents.
Lower investment and other income along with a fall in foreign exchange and other trading revenue were mainly responsible for earnings miss.
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 miss in Q4, the company delivered positive surprises in all the prior four quarters, with an average beat of 6.9% in the trailing four quarters.
Bank Of New York Mellon Corp. Price and EPS Surprise
Lower than Expected Revenues
BNY Mellon posted total revenues of $3.79 billion, lagging the Zacks Consensus Estimate of $3.86 billion. However, it compared favorably with the year-ago figure of $3.72 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 unfavorable, 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!
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Click here for Zacks' private trades >>
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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