Trust bank The Bank of New York Mellon Corporation (
) on Tuesday posted second quarter earnings that tripled from last
year, matching analysts' expectations.
The New York-based company reported second quarter net income of
$658 million, or 54 cents per share, compared with just $176
million, or 15 cents per share, in the year-ago period. The latest
quarter saw a 3% increase in outstanding shares in comparison to
On average, Wall Street analysts expected a matching profit of
54 cents per share.
The company noted that fee revenue, interest revenue, and assets
under management all rose in the latest quarter.
Bank of New York Mellon shares fell 24 cents, or -0.9%, in
premarket trading Tuesday.
The Bottom Line
We have avoided shares of Bank of NY Mellon since we initiated
coverage back in early June 2008, when shares were trading at
$41.15. The company has a dividend yield of 1.40%, based on last
night's closing stock price of $25.64. The stock has near-term
technical support in the $22 price area. If the shares can firm up,
we see overhead resistance around the $28-$29 price levels. We
would remain on the sidelines for now.
The Bank of New York Mellon Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.0 out of 5 stars.
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