The Bank of New York Mellon Corporation · BK · FY2024 Q2 · Calendar Q3 2024
BNY: Fee Momentum and ONE BNY Progress Offset NII Pressure
BNY's quarter supports a constructive but qualified view: fee growth, operating leverage and progress on ONE BNY and Wove are improving the business mix, but the durability of that progress remains balanced against NII pressure, deposit seasonality and execution risk.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
The current analysis points to accelerating fee activity in clearance and collateral management, ETF servicing, Wove and corporate trust, alongside progress on ONE BNY integration. It also identifies a large custody and fund-servicing mandate and completed T+1 rollout as new developments, while maintaining that NII pressure and the broader outlook have not materially changed.
Guidance delta
Management maintained its outlook, including an expected roughly 10% year-over-year decline in net interest income; no change was identified in the supplied analysis.
Key takeaways
- Fee growth remained the central positive signal, led by clearance and collateral management, ETF servicing, corporate trust and Wove.
- Management emphasized operating leverage, ONE BNY cross-selling and continued technology and talent investment.
- Net interest income remains pressured by seasonal deposit-mix dynamics, while the supplied analysis says guidance was maintained.
- Capital returns remain a priority, including a dividend increase and ongoing buybacks.
- The key debate is whether fee growth and margin expansion can persist while NII and deposit mix remain under pressure.
Management priorities
- Roll out additional ONE BNY bundled offerings.
- Launch new Wove solutions and deepen client adoption.
- Expand corporate-trust CLO capabilities and market share.
- Invest in technology and talent to support integrated client solutions.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of May 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | May 11, 2026 |
| Truist Securities | Buy | Buy | Maintain | Apr 17, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 17, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Apr 17, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Apr 17, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 17, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 17, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jan 14, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jan 14, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 7, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 6, 2025 |
| UBS | Buy | Buy | Maintain | Jan 21, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Jan 16, 2025 |
| B of A Securities | Buy | Buy | Maintain | Jan 16, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 3, 2025 |
| Jefferies | Buy | Buy | Maintain | Apr 18, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 19, 2022 |
| Piper Sandler | Neutral | Neutral | Maintain | Jun 24, 2022 |
| Seaport Global | Buy | Buy | Maintain | Jan 5, 2022 |
| Argus Research | Buy | Hold | Upgrade | Jul 20, 2021 |
| Buckingham Research | Neutral | Neutral | Maintain | Jan 17, 2020 |
| Raymond James | Strong Buy | Outperform | Upgrade | Dec 28, 2016 |
| CLSA | Outperform | Outperform | Maintain | Sep 23, 2016 |
| Bernstein | Outperform | Market Perform | Upgrade | Aug 5, 2015 |
| Portales Partners | Sector Perform | Underperform | Upgrade | Apr 23, 2015 |
| Guggenheim | Buy | Buy | Maintain | Dec 3, 2013 |
| Nomura | Neutral | Neutral | Maintain | Jan 17, 2013 |
| ISI Group | Neutral | Neutral | Maintain | Jan 17, 2013 |
| Macquarie | Neutral | Outperform | Downgrade | Jan 14, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $137.16. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| New Street | Analyst unavailable | $87 | $141.91 | -36.6% | Jul 10, 2026 |
| Truist Financial | Analyst unavailable | $148 | $135.09 | +7.9% | Apr 17, 2026 |
| Evercore ISI | Analyst unavailable | $136 | $135.16 | -0.8% | Apr 17, 2026 |
| Morgan Stanley | Analyst unavailable | $139 | $135.88 | +1.3% | Apr 17, 2026 |
| RBC Capital | Gerard Cassidy | $142 | $135.77 | +3.5% | Apr 17, 2026 |
| Barclays | Jason Goldberg | $149 | $134.84 | +8.6% | Apr 17, 2026 |
| Truist Financial | Analyst unavailable | $136 | $124.8 | -0.8% | Jan 14, 2026 |
| Morgan Stanley | Analyst unavailable | $132 | $123.72 | -3.8% | Jan 14, 2026 |
| New Street | David Konrad | $143 | $122.93 | +4.3% | Jan 14, 2026 |
| RBC Capital | Analyst unavailable | $130 | $122.93 | -5.2% | Jan 14, 2026 |
| Wells Fargo | Analyst unavailable | $122 | $122.93 | -11.1% | Jan 14, 2026 |
| Truist Financial | Analyst unavailable | $134 | $121.31 | -2.3% | Jan 7, 2026 |
| Barclays | Analyst unavailable | $143 | $117.04 | +4.3% | Jan 5, 2026 |
| Morgan Stanley | Analyst unavailable | $124 | $114.72 | -9.6% | Dec 17, 2025 |
| Morgan Stanley | Analyst unavailable | $118 | $104.21 | -14.0% | Oct 17, 2025 |
| Truist Financial | Analyst unavailable | $119 | $103.52 | -13.2% | Oct 17, 2025 |
| Wells Fargo | Analyst unavailable | $109 | $106.72 | -20.5% | Oct 17, 2025 |
| Goldman Sachs | Analyst unavailable | $126 | $106.72 | -8.1% | Oct 17, 2025 |
| Barclays | Analyst unavailable | $120 | $106.72 | -12.5% | Oct 17, 2025 |
| Truist Financial | Analyst unavailable | $118 | $106.83 | -14.0% | Oct 2, 2025 |
| Evercore ISI | Glenn Schorr | $110 | $109.75 | -19.8% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $116 | $109.53 | -15.4% | Sep 29, 2025 |
| Truist Financial | David Smith | $109 | $102.89 | -20.5% | Aug 14, 2025 |
| Morgan Stanley | Betsy Graseck | $93 | $77.67 | -32.2% | Apr 13, 2025 |
| Morgan Stanley | Betsy Graseck | $90 | $76.58 | -34.4% | Jan 3, 2025 |
| Evercore ISI | Glenn Schorr | $79 | $77.41 | -42.4% | Jan 2, 2025 |
| New Street | Betsy Graseck | $94 | $80.51 | -31.5% | Dec 9, 2024 |
| Seaport Global | Jim Mitchell | $83 | $75.64 | -39.5% | Oct 14, 2024 |
| New Street | Brian Bedell | $82 | $74.15 | -40.2% | Oct 14, 2024 |
| New Street | Jason Goldberg | $86 | $74.15 | -37.3% | Oct 14, 2024 |
| New Street | Vivek Juneja | $77 | $74.15 | -43.9% | Oct 14, 2024 |
| Deutsche Bank | Brian Bedell | $80 | $71.82 | -41.7% | Sep 23, 2024 |
| New Street | Brian Bedell | $80 | $71.82 | -41.7% | Sep 23, 2024 |
| Morgan Stanley | Betsy Graseck | $65 | $64.69 | -52.6% | Jul 15, 2024 |
| UBS | Brennan Hawken | $62 | $61.3 | -54.8% | Jul 11, 2024 |
| New Street | David Konrad | $70 | $59.42 | -49.0% | Jun 27, 2024 |
| Argus Research | Stephen Biggar | $67 | $54.46 | -51.2% | Apr 18, 2024 |
| New Street | Ebrahim Poonawala | $66 | $54 | -51.9% | Apr 17, 2024 |
| New Street | Kenneth Leon | $63 | $54 | -54.1% | Apr 16, 2024 |
| New Street | Brian Bedell | $59 | $56.77 | -57.0% | Apr 5, 2024 |
| Seaport Global | Jim Mitchell | $70 | $57.66 | -49.0% | Apr 4, 2024 |
| New Street | Betsy Graseck | $62 | $56.04 | -54.8% | Jan 30, 2024 |
| Wells Fargo | Analyst unavailable | $46 | $41.68 | -66.5% | Jul 1, 2022 |
| Piper Sandler | Analyst unavailable | $48 | $42 | -65.0% | Jun 24, 2022 |
| RBC Capital | Gerard Cassidy | $56 | $43.3 | -59.2% | Apr 25, 2022 |
| New Street | Analyst unavailable | $51.5 | $46.52 | -62.5% | Apr 19, 2022 |
| New Street | Analyst unavailable | $55 | $46.6 | -59.9% | Apr 19, 2022 |
| New Street | Analyst unavailable | $54 | $46.56 | -60.6% | Apr 19, 2022 |
| New Street | Analyst unavailable | $68 | $46.41 | -50.4% | Apr 19, 2022 |
| New Street | Analyst unavailable | $56 | $46.49 | -59.2% | Apr 19, 2022 |
| Citigroup | Keith Horowitz | $50 | $48.07 | -63.5% | Apr 11, 2022 |
| Deutsche Bank | Brian Bedell | $62 | $48.07 | -54.8% | Apr 11, 2022 |
| J.P. Morgan | Vivek Juneja | $59 | $47.76 | -57.0% | Apr 7, 2022 |
| Morgan Stanley | Betsy Graseck | $58 | $49.45 | -57.7% | Apr 2, 2022 |
| Evercore ISI | Glenn Schorr | $68 | $58.89 | -50.4% | Jan 19, 2022 |
| Jefferies | Ken Usdin | $72 | $62.55 | -47.5% | Jan 18, 2022 |
| KBW | Michael Brown | $70 | $62.43 | -49.0% | Jan 10, 2022 |
| Barclays | Jason Goldberg | $74 | $58.17 | -46.0% | Jan 3, 2022 |
| Citigroup | Keith Horowitz | $70 | $59.02 | -49.0% | Oct 22, 2021 |
| Argus Research | Stephen Biggar | $55 | $48.54 | -59.9% | Jul 20, 2021 |
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Start freeCompany context
Snapshot as of publicationThe Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. It operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics. This segment also provides trustee, paying agency, fiduciary, escrow and other financial, issuer, and support services for brokers and investors. The Market and Wealth Services segment offers clearing and custody, investment, wealth and retirement solutions, technology and enterprise data management, trading, and prime brokerage services.…
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-24T19:00:42.468853+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-24T19:00:42.466012+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-24. For educational purposes only; not investment advice.