Yahoo Finance The Bank of New York Mellon Corporation (BK) Dips More Than Broader Markets: What You Should Know
In the latest trading session, The Bank of New York Mellon Corporation (BK) closed at $40.42, marking a -1.75% move from the previous day. This move lagged the S&P 500's daily loss of 0.73%. Meanwhile, the Dow lost 0.77%, and the Nasdaq, a tech-heavy index, lost 7.92%.
Prior to today's trading, shares of the company had lost 3.18% over the past month. This has lagged the Finance sector's loss of 1.75% and the S&P 500's gain of 0.5% in that time.
The Bank of New York Mellon Corporation will be looking to display strength as it nears its next earnings release, which is expected to be July 18, 2023. On that day, The Bank of New York Mellon Corporation is projected to report earnings of $1.21 per share, which would represent year-over-year growth of 5.22%. Meanwhile, our latest consensus estimate is calling for revenue of $4.38 billion, up 2.9% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.73 per share and revenue of $17.51 billion, which would represent changes of +3.05% and +6.93%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for The Bank of New York Mellon Corporation. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.21% higher within the past month. The Bank of New York Mellon Corporation currently has a Zacks Rank of #3 (Hold).
Investors should also note The Bank of New York Mellon Corporation's current valuation metrics, including its Forward P/E ratio of 8.7. For comparison, its industry has an average Forward P/E of 7.53, which means The Bank of New York Mellon Corporation is trading at a premium to the group.
Meanwhile, BK's PEG ratio is currently 1.09. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Banks - Major Regional stocks are, on average, holding a PEG ratio of 1.15 based on yesterday's closing prices.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 231, which puts it in the bottom 9% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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The Bank of New York Mellon Corporation (BK) : Free Stock Analysis Report
