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The Bank of New York Mellon Corporation (BK) Stock Sinks As Market Gains: What You Should Know
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The Bank of New York Mellon Corporation (BK - Free Report) closed the most recent trading day at $51.14, moving -0.37% from the previous trading session. This change lagged the S&P 500's daily gain of 0.07%. Elsewhere, the Dow gained 0.12%, while the tech-heavy Nasdaq lost 1.47%.
Heading into today, shares of the company had gained 2.19% over the past month, outpacing the Finance sector's loss of 1.99% and the S&P 500's loss of 2% in that time.
Wall Street will be looking for positivity from The Bank of New York Mellon Corporation as it approaches its next earnings report date. This is expected to be April 18, 2023. On that day, The Bank of New York Mellon Corporation is projected to report earnings of $1.08 per share, which would represent year-over-year growth of 25.58%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.33 billion, up 10.25% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.83 per share and revenue of $17.58 billion, which would represent changes of +5.23% and +7.34%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for The Bank of New York Mellon Corporation. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.98% higher. The Bank of New York Mellon Corporation is currently sporting a Zacks Rank of #1 (Strong Buy).
Digging into valuation, The Bank of New York Mellon Corporation currently has a Forward P/E ratio of 10.63. This represents a premium compared to its industry's average Forward P/E of 9.64.
We can also see that BK currently has a PEG ratio of 1.33. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Banks - Major Regional industry currently had an average PEG ratio of 1.44 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 100, putting it in the top 40% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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The Bank of New York Mellon Corporation (BK) Stock Sinks As Market Gains: What You Should Know
The Bank of New York Mellon Corporation (BK - Free Report) closed the most recent trading day at $51.14, moving -0.37% from the previous trading session. This change lagged the S&P 500's daily gain of 0.07%. Elsewhere, the Dow gained 0.12%, while the tech-heavy Nasdaq lost 1.47%.
Heading into today, shares of the company had gained 2.19% over the past month, outpacing the Finance sector's loss of 1.99% and the S&P 500's loss of 2% in that time.
Wall Street will be looking for positivity from The Bank of New York Mellon Corporation as it approaches its next earnings report date. This is expected to be April 18, 2023. On that day, The Bank of New York Mellon Corporation is projected to report earnings of $1.08 per share, which would represent year-over-year growth of 25.58%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.33 billion, up 10.25% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.83 per share and revenue of $17.58 billion, which would represent changes of +5.23% and +7.34%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for The Bank of New York Mellon Corporation. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.98% higher. The Bank of New York Mellon Corporation is currently sporting a Zacks Rank of #1 (Strong Buy).
Digging into valuation, The Bank of New York Mellon Corporation currently has a Forward P/E ratio of 10.63. This represents a premium compared to its industry's average Forward P/E of 9.64.
We can also see that BK currently has a PEG ratio of 1.33. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Banks - Major Regional industry currently had an average PEG ratio of 1.44 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 100, putting it in the top 40% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.