S&P 500 (NYSE:SPY) component The Bank of New York Mellon Corp (NYSE:BK) will unveil its latest earnings on Tuesday, July 19, 2011. The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company offering various products and services for individuals and institutions. The main activities of the company and its subsidiaries include asset management, wealth management, and broker-dealer and advisory services.
The Bank of New York Mellon Corp Earnings Preview Cheat Sheet
Wall St. Earnings Expectations: The average estimate of analysts is for net income of 56 cents per share, a decline of 5.1% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from 61 cents. Between one and three months ago, the average estimate moved down and dropped from 58 cents during the last month. For the year, analysts are projecting profit of $2.30 per share, a decline of 3% from last year.
Past Earnings Performance: The company missed estimates last quarter after beating forecasts in the prior two. In the first quarter, the company reported net income of 54 cents per share versus a mean estimate of profit of 57 cents per share. In fourth quarter of the last fiscal year, the company beat estimates by 2 cents.
Wall St. Revenue Expectations: On average, analysts predict $3.71 billion in revenue this quarter, a rise of 12.1% from the year ago quarter. Analysts are forecasting total revenue of $14.94 billion for the year, a rise of 8.3% from last year’s revenue of $13.79 billion.
Analyst Ratings: 11 out of 20 analysts surveyed (55%) have a buy rating on Bank of New York Mellon.. This is below the mean analyst rating of 10 competitors, which average 58.7% buy ratings.
The company’s revenue has now risen for two straight quarters. In first quarter, revenue increased 2% to $3.81 billion from the year earlier quarter. In the fourth quarter of the last fiscal year, the figure rose 14.4%.
Competitors to Watch: State Street Corporation (NYSE:STT), Northern Trust Corporation (NASDAQ:NTRS), SEI Investments Company (NASDAQ:SEIC), Morgan Stanley (NYSE:MS), Goldman Sachs Group, Inc. (NYSE:GS), Bank of America Corp. (NYSE:BAC), Wells Fargo & Company (NYSE:WFC), Citigroup Inc. (NYSE:C), United Western Bancorp, Inc. (NASDAQ:UWBK), and JPMorgan Chase & Co. (NYSE:JPM).
Stock Price Performance: During April 14, 2011 to July 12, 2011, the stock price had fallen $4.56 (-15.4%) from $29.66 to $25.10. The stock price saw one of its best stretches over the last year between October 18, 2010, and October 25, 2010, when shares rose for six-straight days, rising 6.8% (+$1.67) over that span. Shares have been on a negative streak of late, closing down every day between July 11, 2011 and July 12, 2011. Shares are down $4.88 (-16.3%) year to date.
(Source: Xignite Financials)
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