Financial News: Mellon earnings up, stock unchanged

Financial News:

Mellon earnings up, stock unchanged

Bank of New York Mellon Offices - Manchester

Little change in price for Bank of New York Mellon Corp. ($BK) in premarket trade today after fourth-quarter earnings met estimates and revenue exceeded projections.

Net income increased to $822 million, or $1.01 per share, from $702 million, or 79 cents per share, the previous year, compared to the FactSet average of $1.01. Total revenue increased 4.5 percent to $4.02 billion, exceeding the FactSet average of $3.97 billion, while net interest income down 0.4 percent to $677 million but exceeded estimates of $661.5 million.

Security services revenue increased by 5% to $1.83 billion, market and wealth services revenue increased by 1% to $1.17 billion, and investment and wealth management revenue increased by 3% to $1.02 billion. The bank stated that it repurchased $1.2 billion in shares and distributed $280 million in dividends. Over the last three months, the stock has up 10.8 percent, while the S&P 500 SPX, +0.08 percent has risen 3.9 percent.

Photo: The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007.

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    Content ID: 1642507166 Created Tuesday, January 18, 2022 11:59 AM UTC by Aaron Stipkovich, Updated Friday, January 28, 2022 11:38 AM UTC by Aaron Stipkovich.