Market Update: The Bank of New York Mellon Corporation (NYSE:BK) – BNY Mellon’s Pershing Commissions Aite Whitepaper that Finds Digitally-Enabled Advisor Practices Grow Assets More Quickly than Other Advisor Practices

[PR Newswire] – JERSEY CITY, N.J., March 28, 2016 /PRNewswire/ — According to a new white paper released today by Pershing LLC, a BNY Mellon company, the number of digitally-enabled advisor firms is growing steadily as firms adopt technologies to differentiate their practices, attract new clients and enhance operational efficiencies. The Emerging Digital Advisor was commissioned by Pershing and produced by Aite Group, which in October 2015 conducted an online survey of 403 U.S. financial advisors of varying sizes and broker-dealer affiliations. “As digital technologies continue to surface, awareness and adoption among advisors is likely to grow over the next several years,” said Ram Nagappan, chief information officer of Pershing. Read more on this. The Bank of New York Mellon Corporation (BK) , valued at $40.18B, began trading this morning at $37.32. During today’s session, BK traded between $37.05 to $37.52 and has traded between $32.20 and $45.45 over the past year. BK shares are currently priced at 12.34x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.63x earnings multiple. The company pays shareholders $0.68 per share in dividend income per year, for a current yield of 1.82%. Consensus earnings for the current quarter by the 18 sell-side analysts covering the stock is an estimate of $0.68 per share, which would be $0.01 better than the year-ago quarter and a $0.03 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $3.02 would be a $0.17 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.74 Billion. If realized, that would be a 0.53% decrease over the year-ago quarter. Recently, JP Morgan upgraded BK from Neutral to Overweight (Jan 7, 2016). Previously, BofA/Merrill upgraded BK from Neutral to Buy. When considering if the stock is under or overvalued, the average price target is $42.82, which is 14.74% above where the stock opened this morning. See more in (NYSE:BK) Similar Articles: Company Update: The Bank of New York Mellon Corporation (NYSE:BK) – BNY Mellon’s Pershing Launches Two-Part Series on Fiduciary Practices and Conflicts of Interest for Broker-Dealers and Hybrid Firms Company Update: The Bank of New York Mellon Corporation (NYSE:BK) – BNY Mellon’s Pershing Prime Services Unit Named Best Prime Broker–Innovation by HFM US Services Award for Second Consecutive Year Company Update: The Bank of New York Mellon Corporation (NYSE:BK) – BNY Mellon Launches New U.S. Government Securities Clearing Platform Powered by Innovative Technology Capabilities
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