The Bank of New York Mellon Corporation (NYSE:BK) showed its earnings for the second quarter of 2013 this morning before the market opened. The bank showed earnings of $71 cents per share for the three month period on revenue of $3.79 billion. Later today, the firm's shares will open at $30.35.
In the run up to the announcement of this earnings report, analysts were looking for earnings of 57 cents per share from the bank, on revenues of $3.70 billion. In the same three months of 2012, the company's earnings were 57 cents per share on revenue totaling $3.6 billion.
The Bank of New York Mellon Corporation (NYSE:BK) has managed to show consistent gains in its value for some time. Since the start of the new year, the firm's stock has risen by a shade over 18%. In the past year, the firm's shares have gained just less than 40%. The gains since the start of the year are slightly ahead of gains made by the S&P 500 index, which moved up 17.5% in the same period.
Despite the index riding gains, The Bank of New York Mellon Corporation (NYSE:BK) has not impressed on several metrics in the first half of the year. The company's first quarter earnings report came in below the expectations of analysts. Depending on the way those earnings were counted, the bank might even have shown a loss for the three months period.
Analysts opinion on The Bank of New York Mellon Corporation (NYSE:BK) continues to be mixed. The bank has managed to grow steadily in the first part of the new year and the firm is looking reasonably well able to deal with the various new regulations coming into play in the years ahead, but it has problems to deal with too.
Of the fourteen analysts following the company, just one rates it a sell. Nine of those analysts think investors should hold onto the stock at the current price, and four of them recommend buying in at the current price point.
The Bank of New York Mellon Corporation (NYSE:BK) will hold a conference call at 8 am today in order to discuss this morning's earnings report. Likely topics will include the bank's top brass' take on the current domestic and international economic situation, and the banks preparation for possible changes in Federal Reserve policy in the coming months.