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

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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 Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: BK


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