Bank of New York Mellon gains after Q3 results beat
BK•Bank of New York Mellon reported adjusted Q3 earnings per share of $2.37 and revenue of $5.68 billion, beating analyst estimates of $2.27 and $5.55 billion. Shares rose 1.4% in premarket trading.
1. Results and assets
The lender said revenue and profit growth were driven by broad-based platform expansion and healthy client demand. Assets under management totaled $2.2 trillion at the end of the third quarter.
2. Analyst ratings and shares
Eleven of 17 brokerages rated the stock “buy” or higher, while six rated it “hold”; the median price target was $161.50. The shares were up about 18.6% year to date as of the prior close, compared with an 8.5% gain in the NYSE Composite.
