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Bank of New York Mellon Corp - Stock Quote BK

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Morningstar's Bank of New York Mellon Corp Stock Analysis

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Higher Interest Rates Are Helping, but BNY Mellon Is Facing Other Headwinds

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Wide-moat-rated Bank of New York Mellon reported decent first-quarter financial results with revenue and EPS (excluding notable items) of $3.93 billion and $0.94, respectively, which compares with the FactSet consensus of $3.94 billion and $0.85. Rising interest rates are certainly helping as net interest revenue growth is now expected to be 13% in 2022, compared with a previous 10% increase. BNY Mellon also saw a $44 million favorable impact to net fee waivers versus the prior quarter, and further rate hikes will mean more favorability. That said, lower market levels, mixed retention trends, actions related to Russia, and a strong U.S. dollar are also weighing on BNY Mellon’s financial results. In light of these mixed trends, we will maintain our fair value estimate of $55 on BNY Mellon’s shares.

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Bank of New York Mellon Corp's Company Profile

Business Description

BNY Mellon is a global investment company involved in managing and servicing financial assets throughout the investment lifecycle. The bank provides financial services for institutions, corporations, and individual investors and delivers investment management and investment services in 35 countries and more than 100 markets. BNY Mellon is the largest global custody bank in the world, with about $41.1 trillion in under custody and administration (as of Dec. 31, 2020), and can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute, or restructure investments. BNY Mellon’s asset-management division manages about $2.2 trillion in assets.

240 Greenwich Street
New York, NY, 10286
T +1 212 495-1784
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 49,600

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