BNY Mellon exceeded profit and revenue expectations, leading to record high stock price.

From Dotdash: 2024-07-12 14:52:55

Bank of New York Mellon, or BNY, exceeded profit and revenue expectations, leading to a surge in shares to an all-time high. Second-quarter adjusted EPS was $1.51, with a 2% revenue increase to $4.6 billion. Fee revenue rose 3% to $3.4 billion, with investment service fees climbing 5% to $2.4 billion. CEO Robin Vince attributes the success to fee growth and expense discipline following the Federal Reserve stress test. The bank raised its quarterly dividend from $0.42 to $0.47, with shares up 5.1% at $64.62, contrasting the decline in other major banks’ stocks like JPMorgan Chase, Wells Fargo, and Citigroup.



Read more at Dotdash: Why BNY Stock Price Hit a Record High Friday While Other Bank Stocks Fell