Bank of New York Mellon Earns $690 Million From Continuing Operations (BK)

New York city-based Bank of New York Mellon Corporation BK released financial results on Wednesday morning. Bank of New York Mellon Corporation announced that its 4th quarter income from continuing operations applicable to common shareholders fell to $690 million, or 55 cents per share, down from $712 million, or 59 cents per share, a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 57 cents per share. Chairman and chief executive officer Robert P. Kelly said, "We delivered 12% growth in fee revenue this quarter, reflecting improving markets, the underlying strength of our business model and continued investment in our businesses. Asset quality was exceptionally strong throughout the year and our regulatory capital ratios grew, reflecting our strong capital generation. I would like to thank our staff for all that they have accomplished for our clients and shareholders during the past year." Bank of New York Mellon Corporation finished the previous trading day at $32.02 per share. The consensus price target of analysts covering the company's stock is $34.71 per share. BNY Mellon Corporation is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. Read more from Benzinga's Company news.