Have you been eager to see how The Bank of New York Mellon Corporation (BK - Free Report) performed in Q4 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:
Earnings In Line
BNY Mellon came out with adjusted earnings of 91 cents per share, in line with the Zacks Consensus Estimate. The figure was up 18.2% from the prior year quarter.
Results were hurt by a fall in revenues and higher expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BNY Mellon depicted a neutral trend prior to the earnings release. The Zacks Consensus Estimate of 91 cents remained stable over the last 30 days.
BNY Mellon has a decent earnings surprise history. The company delivered positive surprises in two and matched in one of the trailing four quarters, with an average beat of 3.4%.
Bank Of New York Mellon Corporation (The) Price and EPS Surprise
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Bank Of New York Mellon Corporation (The) Price and EPS Surprise | Bank Of New York Mellon Corporation (The) Quote
Revenues
BNY Mellon posted total revenues of $3.73 billion, which decreased 2% year over year. The figure includes certain non-recurring items. The Zacks Consensus Estimate for revenue was $3.98 billion.
Key Statistics
- Provision for credit losses was a benefit of $6 million
- Assets under custody and/or administration grew 11% year over year
- Repurchased 12 million common shares for $651 million during the quarter
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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.
