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Bank of New York Mellon Corp BK

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Stock XNYS Rating as of
$57.95 +0.51 (0.89%)
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As of Delayed Price Closed
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Company Report

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BNY Mellon Earnings: Mostly on Track to Start 2024

Rajiv Bhatia

BNY Mellon reported a decent start to 2024, in our view. Revenue and EPS edged out the FactSet consensus estimates by 3% and 5%, respectively. Fee revenue is benefiting from market appreciation, while net interest income decreased. BNY Mellon reiterated its expectation of net interest income declining by about 10% for full-year 2024 (our model: down 6%). Overall, we will maintain our wide moat rating and $60 fair value estimate on BNY Mellon.

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Price vs Fair Value

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BK is trading within a range we consider fairly valued.
Price
$57.44
Fair Value
$27.00
Uncertainty
Medium
1-Star Price
$27.00
5-Star Price
$56.00
Economic Moat
Shmk
Capital Allocation
Myfzkfnb

Bulls Say, Bears Say

Bulls

Compared with peers State Street and Northern Trust, BNY Mellon is the most diversified with its seven lines of business. It is also less exposed to movements in equity markets.

Bears

Fee compression and lower margins in asset management will result in asset managers being more conscious of their costs, limiting the pricing power of custody banks.

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Trading Information

Previous Close Price
$57.44
Day Range
$56.99–58.01
52-Week Range
$39.65–58.28
Bid/Ask
$57.26 / $57.70
Market Cap
$43.34 Bil
Volume/Avg
3.2 Mil / 3.7 Mil

Key Statistics

Price/Earnings (Normalized)
11.45
Price/Sales
2.58
Dividend Yield (Trailing)
2.84%
Dividend Yield (Forward)
2.92%
Total Yield
9.21%

Company Profile

BNY Mellon is a global investment company involved in managing and servicing financial assets throughout the investment lifecycle. The bank provides financial services for institutions, corporations, and individual investors and delivers investment management and investment services in 35 countries and more than 100 markets. BNY Mellon is the largest global custody bank in the world, with $47.8 trillion in under custody or administration (as of Dec. 31, 2023), and can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute, or restructure investments. BNY Mellon’s asset-management division manages about $2.0 trillion in assets.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Mid Value
Total Number of Employees
53,400
Website
https://www.bnymellon.com

Competitors

Valuation

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Metric
BK
NTRS
STT
Price/Earnings (Normalized)
 11.4513.409.70
Price/Book Value
 1.201.541.02
Price/Sales
 2.582.611.96
Price/Cash Flow
 9.536.617.49
Price/Earnings
BK
NTRS
STT

Financial Strength

Metric
BK
NTRS
STT
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
BK
NTRS
STT
Return on Assets (Normalized)
 0.75%0.67%0.85%
Return on Equity (Normalized)
 8.57%9.37%11.19%
Return on Invested Capital (Normalized)
 ———
Return on Assets
BK
NTRS
STT
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