The Bank of New York Mellon Corporation (BK) Stock Sinks As Market Gains: What You Should Know
The Bank of New York Mellon Corporation (BK) closed the most recent trading day at $42.75, moving -1.13% from the previous trading session. This change lagged the S&P 500's 0.56% gain on the day. At the same time, the Dow added 0.41%, and the tech-heavy Nasdaq gained 1.35%.
Prior to today's trading, shares of the company had lost 14.02% over the past month. This has lagged the Finance sector's loss of 9.49% and the S&P 500's loss of 1.48% in that time.
Wall Street will be looking for positivity from The Bank of New York Mellon Corporation as it approaches its next earnings report date. This is expected to be April 18, 2023. On that day, The Bank of New York Mellon Corporation is projected to report earnings of $1.08 per share, which would represent year-over-year growth of 25.58%. Our most recent consensus estimate is calling for quarterly revenue of $4.33 billion, up 10.25% from the year-ago period.
BK's full-year Zacks Consensus Estimates are calling for earnings of $4.83 per share and revenue of $17.58 billion. These results would represent year-over-year changes of +5.23% and +7.34%, respectively.
Any recent changes to analyst estimates for The Bank of New York Mellon Corporation should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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. Within the past 30 days, our consensus EPS projection has moved 0.81% higher. The Bank of New York Mellon Corporation is holding a Zacks Rank of #2 (Buy) right now.
In terms of valuation, The Bank of New York Mellon Corporation is currently trading at a Forward P/E ratio of 8.95. For comparison, its industry has an average Forward P/E of 7.39, which means The Bank of New York Mellon Corporation is trading at a premium to the group.
Investors should also note that BK has a PEG ratio of 1.12 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Banks - Major Regional industry currently had an average PEG ratio of 1.04 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 95, putting it in the top 38% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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