Have you been eager to see how The Bank of New York Mellon Corporation BK performed in Q2 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 $1.01 per share, beating the Zacks Consensus Estimate of 94 cents. The figure was on par with the prior year quarter.
Results benefited from rise in revenues and growth in assets balance.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted an optimistic stance prior to the earnings release. The Zacks Consensus Estimate moved 5.6% upward over the past seven days.
BNY Mellon has an impressive earnings surprise history. The company delivered positive surprises in each of the trailing four quarters, with an average beat of 8.6%.
The Bank of New York Mellon Corporation Price and EPS Surprise
The Bank of New York Mellon Corporation price-eps-surprise | The Bank of New York Mellon Corporation Quote
BNY Mellon posted total revenues (GAAP basis) (excluding income from consolidated investment management funds) of $4.01 billion, which beat the Zacks Consensus Estimate of $3.95 billion.
- Provision for credit losses was $143 million
- Non-interest expenses were $2.69 billion, up 1% from the prior year
- Assets under custody and/or administration were $37.3 billion, up 5% year over year
- Share repurchases suspended during the quarter
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) 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.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this BNY Mellon earnings report!
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
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
The Bank of New York Mellon Corporation (BK) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research