Markets
BK

BNY Mellon (BK) Beats on Q3 Earnings; Revenues Up Y/Y

Have you been eager to see how The Bank of New York Mellon CorporationBK performed in Q3 in comparison with the market expectations? Let's quickly scan through the key facts from this New York-based financial services company's earnings release this morning:

An Earnings Beat

BNY Mellon came out with earnings of 74 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents.

Rise in revenues were primarily responsible for this earnings beat.

How Was the Estimate Revision Trend?

You should note that the earnings estimate revisions for BNY Mellon depicted neutral stance prior to the earnings release as the Zacks Consensus Estimate remained unchanged over the last 7 days.

However, BNY Mellon has a decent earnings surprise history. Before posting the earnings beat in Q3, the company delivered positive surprises in three of the prior four quarters, with an average beat of 7.96% in the trailing four quarters.

Revenue Came In Lower Than Expected

BNY Mellon posted total revenues of $3.80 billion, which lagged the Zacks Consensus Estimate of $3.85 billion. However, it compared favorably with the year-ago figure of $3.75 billion.

Key Statistics:

  • Generated 370 basis points of positive operating leverage year-over-year on an adjusted basis
  • Repurchased 15.8 million shares for $690 million
  • Assets under Management was $1.63 trillion, at par with year over year level

What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for BNY Mellon. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

Check back later for our full write up on this BNY Mellon earnings report!

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

BANK OF NY MELL (BK): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

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


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

In This Story

BK

Other Topics

Earnings Investing Stocks

Latest Markets Videos

Zacks

Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. A wealth of resources for individual investors is available at www.zacks.com.

Learn More