Bank of New York Mellon Q2 Profit Triples, Matching View (BK)

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Trust bank The Bank of New York Mellon Corporation ( BK ) 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 last year.

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 ( BK ) is not recommended at this time, holding a DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: BK

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