Bank of New York Mellon (BK) More Than Triples Earnings

Bank of New York Mellon Corporation BK released financial results on Tuesday morning that were in line with Wall Street estimates. Bank of New York Mellon Corporation (BK) reported that its 2nd quarter profit surged to $658 million, or 54 cents per share, up from $176 million, or 15 cents per share, a year earlier. The bank's revenue rose 3% to $3.3 billion. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 54 cents per share, on revenue of $3.34 billion. Analysts covering the stock have a consensus price target of $35.16 per share. Read more from Benzinga's Company news.