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 Beat
BNY Mellon came out with earnings of $1.01 per share, beating the Zacks Consensus Estimate of 94 cents. The figure was down 1.9% from the prior year quarter.
Results benefited from lower expenses and growth in AUM.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted a bearish trend prior to the earnings release. The Zacks Consensus Estimate of 94 cents declined 2.1% over the last 30 days.
BNY Mellon has a decent earnings surprise history. The company delivered positive surprises in two and matched in one of the trailing four quarters, with an average beat of 1.9%.
Revenues Higher-than-Expected
BNY Mellon posted total revenues (GAAP basis) (excluding income from consolidated investment management funds) of $3.91 billion, which decreased nearly 5.1% year over year. The figure marginally surpassed the Zacks Consensus Estimate of $3.90 billion.
Key Statistics
- Provision for credit losses was a benefit of $8 million
- Assets under custody and/or administration grew 6% year over year
- Repurchased 15.3 million common shares for $750 million during the quarter
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #5 (Strong Sell) 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 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 Beat
BNY Mellon came out with earnings of $1.01 per share, beating the Zacks Consensus Estimate of 94 cents. The figure was down 1.9% from the prior year quarter.
Results benefited from lower expenses and growth in AUM.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted a bearish trend prior to the earnings release. The Zacks Consensus Estimate of 94 cents declined 2.1% over the last 30 days.
BNY Mellon has a decent earnings surprise history. The company delivered positive surprises in two and matched in one of the trailing four quarters, with an average beat of 1.9%.
Revenues Higher-than-Expected
BNY Mellon posted total revenues (GAAP basis) (excluding income from consolidated investment management funds) of $3.91 billion, which decreased nearly 5.1% year over year. The figure marginally surpassed the Zacks Consensus Estimate of $3.90 billion.
Key Statistics
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #5 (Strong Sell) 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 Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>
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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