Bank of New York Mellon
Shares of Bank of New York Mellon (BK) rose 5.5% to close at $24.86, after the trust and custody giant reported third-quarter earnings applicable to common shareholders of $720 million, or 61 cents a share, beating the consensus estimate of a 54-cent profit, among analysts polled by Thomson Reuters.
Earnings increased from 466 million, or 39 cents a share, during the second quarter (which included a $212 (18 cents a share) after-tax litigation charge), and $651 million, or 53 cents a share, during the third quarter of 2011.
Third-quarter revenue also came in ahead of expectations, totaling $3.675 billion, increasing from $3.579 billion the previous quarter, and $3.683 billion, a year earlier.
The company's third-quarter return on tangible common equity was a strong 22%.Bank of New York Mellon bought back $288 worth of common shares during the third quarter, and the company's estimated Basel III Tier 1 common equity ratio was a solid 9.3% as of Sept. 30. Jefferies analyst Ken Usdin called the company's third-quarter results a "decent beat" that was "supportive of
Interested in more on Bank of New York Mellon? See TheStreet Ratings' report card for this stock.
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