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Bank of New York Mellon Corp BK

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Morningstar’s Analysis

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Low Rates Continue to Be a Headwind for Bank of New York Mellon

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Low interest rates continue to take a bite out of wide-moat rated Bank of New York Mellon’s profits through lower net interest income and higher money market fee waivers. Revenue of $3.92 billion beat the FactSet consensus estimate of $3.84 billion and diluted earnings per share of $0.97 beat the consensus of $0.87. We attribute the EPS beat to equity market appreciation, elevated client activity, and provision releases. We will maintain our fair value estimate of $48 on BNY Mellon’s shares.

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Company Profile

Business Description

BNY Mellon is a global investment company involved in the management and servicing of 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 about $41.1 trillion in under custody and administration (as of December 31, 2020), and can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute, or restructure investment. BNY Mellon's asset management division manages about $2.2 trillion in assets.

240 Greenwich Street
New York, NY, 10286
T +1 212 495-1784
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 48,000