Bank of New York Mellon’s Q4 Earnings Miss the Mark (BK)

By
A A A
Share |

Banking giant The Bank of New York Mellon Corporation ( BK ) on Wednesday posted a 26% decline in fourth quarter earnings, hurt by lower revenue and higher costs.

The New York-based company reported fourth quarter net income of $505 million, or 42 cents per share, compared with $679 million, or 54 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 48 cents per share.

Revenue fell 6% from last year to $3.54 billion.

On average, Wall Street analysts expected a higher profit of 54 cents per share, on larger revenue of $3.75 billion.

Bank of New York Mellon shares fell 52 cents, or -2.4%, in premarket trading Wednesday.

The Bottom Line
Shares of Bank of New York ( BK ) have a 2.44% dividend yield, based on last night's closing stock price of $21.27. The stock has technical support in the $18-$20 price area. If the shares can firm up, we see overhead resistance around the $22-$24 price levels.

The Bank of New York Mellon Corporation ( BK ) is not recommended at this time, holding a Dividend.com 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.

Created by Dividend.com


This article appears in: Investing , Stocks

Referenced Stocks: BK

Dividend.com

Dividend.com

More from Dividend.com:

Related Videos

Stocks

Referenced

100%

Most Active by Volume

270,887,127
    $93.89 unch
225,243,115
  • $40.93 ▼ 2.74%
135,900,109
  • $47.52 ▲ 1.80%
89,467,924
  • $5.35 ▼ 1.11%
85,105,358
  • $16.95 ▼ 0.53%
80,748,539
  • $39.80 ▼ 4.21%
68,491,586
  • $3.57 ▼ 1.79%
62,097,356
  • $100.96 ▼ 0.82%
As of 9/19/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com