Bank of New York Mellon Corp (NYSE: BK) has reported earnings for its second fiscal quarter (ending June 30) of $1.53 versus $1.31 for the same period a year ago — an increase of 17%. This result exceeded the consensus estimate of $1.42 by $0.11. For the latest four quarters through June 30, E.P.S. were $4.23 versus $3.45 for the same period a year ago — an increase of 23%.
Recent Price Action
Bank of New York Mellon Corp (NYSE: BK) stock enjoyed a very large increase of 5.2% on 7/12/24. The shares closed at $64.69. Moreover, exceptionally high trading volume at 276% of normal accompanied the advance. The stock has been exceptionally strong relative to the market over the last nine months and has risen 7.0% during the last week.
Current PriceTarget Research Rating
Reflecting future returns on capital that are forecasted to be above the cost of capital, BK is expected to continue to be an important Value Builder.
Bank of New York Mellon has a current Value Trend Rating of A (Highest Rating). The Value Trend Rating reflects highly consistent signals from PTR’s two proprietary measures of a stock’s attractiveness. Bank of New York Mellon has a very high Power Rating of 86 and a very high Appreciation Score of 88, producing the Highest Value Trend Rating.
Rating Review
In light of this encouraging new earnings information and positive market action we are reviewing our current Overall Rating of A. We would continue to view the shares with optimism pending completion of this review in the next several days.
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