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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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In the latest trading session, The Bank of New York Mellon Corporation (BK - Free Report) closed at $43.72, marking a -1.6% move from the previous day. This change lagged the S&P 500's 0.93% gain on the day. At the same time, the Dow added 0.56%, and the tech-heavy Nasdaq gained 1.71%.
Prior to today's trading, shares of the company had gained 10.66% over the past month. This has outpaced the Finance sector's gain of 3.55% and the S&P 500's gain of 4.61% in that time.
The Bank of New York Mellon Corporation will be looking to display strength as it nears its next earnings release, which is expected to be July 18, 2023. The company is expected to report EPS of $1.21, up 5.22% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.38 billion, up 2.92% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.74 per share and revenue of $17.53 billion, which would represent changes of +3.27% and +7.06%, respectively, from the prior year.
Any recent changes to analyst estimates for The Bank of New York Mellon Corporation should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.34% lower. The Bank of New York Mellon Corporation currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that The Bank of New York Mellon Corporation has a Forward P/E ratio of 9.38 right now. This valuation marks a premium compared to its industry's average Forward P/E of 7.97.
Also, we should mention that BK has a PEG ratio of 1.17. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. BK's industry had an average PEG ratio of 1.2 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 175, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow BK in the coming trading sessions, be sure to utilize Zacks.com.
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The Bank of New York Mellon Corporation (BK) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, The Bank of New York Mellon Corporation (BK - Free Report) closed at $43.72, marking a -1.6% move from the previous day. This change lagged the S&P 500's 0.93% gain on the day. At the same time, the Dow added 0.56%, and the tech-heavy Nasdaq gained 1.71%.
Prior to today's trading, shares of the company had gained 10.66% over the past month. This has outpaced the Finance sector's gain of 3.55% and the S&P 500's gain of 4.61% in that time.
The Bank of New York Mellon Corporation will be looking to display strength as it nears its next earnings release, which is expected to be July 18, 2023. The company is expected to report EPS of $1.21, up 5.22% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.38 billion, up 2.92% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.74 per share and revenue of $17.53 billion, which would represent changes of +3.27% and +7.06%, respectively, from the prior year.
Any recent changes to analyst estimates for The Bank of New York Mellon Corporation should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.34% lower. The Bank of New York Mellon Corporation currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that The Bank of New York Mellon Corporation has a Forward P/E ratio of 9.38 right now. This valuation marks a premium compared to its industry's average Forward P/E of 7.97.
Also, we should mention that BK has a PEG ratio of 1.17. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. BK's industry had an average PEG ratio of 1.2 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 175, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow BK in the coming trading sessions, be sure to utilize Zacks.com.