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.

Reported Before market openNYSEFinancial Services $97.40B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.51 Consensus $1.43
EPS surprise +5.6% Reported versus consensus
Reported revenue $4.60B Consensus $4.53B
Revenue surprise +1.6% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +5.2% Event window
SPY move +0.6% Same window
Abnormal move +4.6% Stock minus SPY
Volume 2.6× Versus trailing sessions
Subsequent drift -1.4% Up to 20 sessions
BKSPY benchmark

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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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Earnings History

Estimate Beat Miss Match
BK EPS earnings history estimate and actual scatter chart 8 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $1.12 Q4 '23 actual $1.28, beat Q1 '24 estimate $1.19 Q1 '24 actual $1.29, beat Q2 '24 estimate $1.43 Q2 '24 actual $1.51, beat Q3 '24 estimate $1.42 Q3 '24 actual $1.52, beat Q2 '25 estimate $1.75 Q2 '25 actual $1.94, beat Q3 '25 estimate $1.76 Q3 '25 actual $1.91, beat Q4 '25 estimate $1.91 Q4 '25 actual $2.02, beat Q1 '26 estimate $1.96 Q1 '26 actual $2.25, beat Q4 '26 estimate $2.28 Q1 '27 estimate $2.40 Q2 '27 estimate $2.62 Q3 '27 estimate $2.60

Analyst Consensus ?

ConsensusBuy29 ratings
Bullish1758.6%
Neutral1241.4%
Bearish00.0%

Analyst 52W Price Targets

$137.16Previous close
$48Low
$97.79Average
$149High

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.

FirmRatingPrior ratingActionDate
JP Morgan Overweight OverweightMaintainMay 11, 2026
Truist Securities Buy BuyMaintainApr 17, 2026
RBC Capital Sector Perform Sector PerformMaintainApr 17, 2026
Morgan Stanley Equal Weight Equal WeightMaintainApr 17, 2026
Keefe, Bruyette & Woods Outperform OutperformMaintainApr 17, 2026
Evercore ISI Group In Line In LineMaintainApr 17, 2026
Barclays Overweight OverweightMaintainApr 17, 2026
Wells Fargo Equal Weight Equal WeightMaintainJan 14, 2026
Citigroup Neutral NeutralMaintainJan 14, 2026
TD Cowen Buy BuyMaintainJan 7, 2026
Goldman Sachs Buy BuyMaintainOct 6, 2025
UBS Buy BuyMaintainJan 21, 2025
Deutsche Bank Buy BuyMaintainJan 16, 2025
B of A Securities Buy BuyMaintainJan 16, 2025
Wolfe Research Peer Perform OutperformDowngradeJan 3, 2025
Jefferies Buy BuyMaintainApr 18, 2024
Credit Suisse Outperform OutperformMaintainJul 19, 2022
Piper Sandler Neutral NeutralMaintainJun 24, 2022
Seaport Global Buy BuyMaintainJan 5, 2022
Argus Research Buy HoldUpgradeJul 20, 2021
Buckingham Research Neutral NeutralMaintainJan 17, 2020
Raymond James Strong Buy OutperformUpgradeDec 28, 2016
CLSA Outperform OutperformMaintainSep 23, 2016
Bernstein Outperform Market PerformUpgradeAug 5, 2015
Portales Partners Sector Perform UnderperformUpgradeApr 23, 2015
Guggenheim Buy BuyMaintainDec 3, 2013
Nomura Neutral NeutralMaintainJan 17, 2013
ISI Group Neutral NeutralMaintainJan 17, 2013
Macquarie Neutral OutperformDowngradeJan 14, 2013
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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.

FirmAnalyst52W targetPrice when postedUpsideDate
New StreetAnalyst unavailable$87$141.91 -36.6%Jul 10, 2026
Truist FinancialAnalyst unavailable$148$135.09 +7.9%Apr 17, 2026
Evercore ISIAnalyst unavailable$136$135.16 -0.8%Apr 17, 2026
Morgan StanleyAnalyst unavailable$139$135.88 +1.3%Apr 17, 2026
RBC CapitalGerard Cassidy$142$135.77 +3.5%Apr 17, 2026
BarclaysJason Goldberg$149$134.84 +8.6%Apr 17, 2026
Truist FinancialAnalyst unavailable$136$124.8 -0.8%Jan 14, 2026
Morgan StanleyAnalyst unavailable$132$123.72 -3.8%Jan 14, 2026
New StreetDavid Konrad$143$122.93 +4.3%Jan 14, 2026
RBC CapitalAnalyst unavailable$130$122.93 -5.2%Jan 14, 2026
Wells FargoAnalyst unavailable$122$122.93 -11.1%Jan 14, 2026
Truist FinancialAnalyst unavailable$134$121.31 -2.3%Jan 7, 2026
BarclaysAnalyst unavailable$143$117.04 +4.3%Jan 5, 2026
Morgan StanleyAnalyst unavailable$124$114.72 -9.6%Dec 17, 2025
Morgan StanleyAnalyst unavailable$118$104.21 -14.0%Oct 17, 2025
Truist FinancialAnalyst unavailable$119$103.52 -13.2%Oct 17, 2025
Wells FargoAnalyst unavailable$109$106.72 -20.5%Oct 17, 2025
Goldman SachsAnalyst unavailable$126$106.72 -8.1%Oct 17, 2025
BarclaysAnalyst unavailable$120$106.72 -12.5%Oct 17, 2025
Truist FinancialAnalyst unavailable$118$106.83 -14.0%Oct 2, 2025
Evercore ISIGlenn Schorr$110$109.75 -19.8%Sep 30, 2025
Morgan StanleyAnalyst unavailable$116$109.53 -15.4%Sep 29, 2025
Truist FinancialDavid Smith$109$102.89 -20.5%Aug 14, 2025
Morgan StanleyBetsy Graseck$93$77.67 -32.2%Apr 13, 2025
Morgan StanleyBetsy Graseck$90$76.58 -34.4%Jan 3, 2025
Evercore ISIGlenn Schorr$79$77.41 -42.4%Jan 2, 2025
New StreetBetsy Graseck$94$80.51 -31.5%Dec 9, 2024
Seaport GlobalJim Mitchell$83$75.64 -39.5%Oct 14, 2024
New StreetBrian Bedell$82$74.15 -40.2%Oct 14, 2024
New StreetJason Goldberg$86$74.15 -37.3%Oct 14, 2024
New StreetVivek Juneja$77$74.15 -43.9%Oct 14, 2024
Deutsche BankBrian Bedell$80$71.82 -41.7%Sep 23, 2024
New StreetBrian Bedell$80$71.82 -41.7%Sep 23, 2024
Morgan StanleyBetsy Graseck$65$64.69 -52.6%Jul 15, 2024
UBSBrennan Hawken$62$61.3 -54.8%Jul 11, 2024
New StreetDavid Konrad$70$59.42 -49.0%Jun 27, 2024
Argus ResearchStephen Biggar$67$54.46 -51.2%Apr 18, 2024
New StreetEbrahim Poonawala$66$54 -51.9%Apr 17, 2024
New StreetKenneth Leon$63$54 -54.1%Apr 16, 2024
New StreetBrian Bedell$59$56.77 -57.0%Apr 5, 2024
Seaport GlobalJim Mitchell$70$57.66 -49.0%Apr 4, 2024
New StreetBetsy Graseck$62$56.04 -54.8%Jan 30, 2024
Wells FargoAnalyst unavailable$46$41.68 -66.5%Jul 1, 2022
Piper SandlerAnalyst unavailable$48$42 -65.0%Jun 24, 2022
RBC CapitalGerard Cassidy$56$43.3 -59.2%Apr 25, 2022
New StreetAnalyst unavailable$51.5$46.52 -62.5%Apr 19, 2022
New StreetAnalyst unavailable$55$46.6 -59.9%Apr 19, 2022
New StreetAnalyst unavailable$54$46.56 -60.6%Apr 19, 2022
New StreetAnalyst unavailable$68$46.41 -50.4%Apr 19, 2022
New StreetAnalyst unavailable$56$46.49 -59.2%Apr 19, 2022
CitigroupKeith Horowitz$50$48.07 -63.5%Apr 11, 2022
Deutsche BankBrian Bedell$62$48.07 -54.8%Apr 11, 2022
J.P. MorganVivek Juneja$59$47.76 -57.0%Apr 7, 2022
Morgan StanleyBetsy Graseck$58$49.45 -57.7%Apr 2, 2022
Evercore ISIGlenn Schorr$68$58.89 -50.4%Jan 19, 2022
JefferiesKen Usdin$72$62.55 -47.5%Jan 18, 2022
KBWMichael Brown$70$62.43 -49.0%Jan 10, 2022
BarclaysJason Goldberg$74$58.17 -46.0%Jan 3, 2022
CitigroupKeith Horowitz$70$59.02 -49.0%Oct 22, 2021
Argus ResearchStephen Biggar$55$48.54 -59.9%Jul 20, 2021
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Company context

Snapshot as of publication

The 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.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
  3. Polygon adjusted daily market bars · 2026-10-24T19:00:42.468853+00:00
  4. 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.