The Bank of New York Mellon Corporation
- Open
- 145.03
- Day high
- 146.57
- Day low
- 144.67
- Prev close
- 143.63
- Volume
- 3.8M
- Mkt cap
- $97.4B
- P/E (TTM)
- 17.5
- EPS (TTM)
- $8.39
- P/B
- 2.2
- P/S
- 2.4
- Yield
- 1.49%
- Per share
- $2.12
- ▼Insiders net selling -$6.6M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
The Bank of New York Mellon Corporation (BK) is a Financial Services company listed on NYSE. The stock is up 57% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 15 published research articles covering BK.
The Bank of New York Mellon Corporation (BK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 16, 2026 | $1.96 | $2.25 | +14.8% | $5.4B | +4.4% |
| Jan 13, 2026 | $1.91 | $2.08 | +8.9% | $8.9B | +72.5% |
| Oct 16, 2025 | $1.76 | $1.91 | +8.5% | $10.4B | +108.3% |
| Jul 15, 2025 | $1.75 | $1.94 | +10.9% | $10.3B | +116.1% |
| Apr 11, 2025 | $1.50 | $1.58 | +5.3% | $4.7B | -1.6% |
| Jan 15, 2025 | $1.53 | $1.72 | +12.4% | $4.8B | +2.1% |
| Oct 11, 2024 | $1.42 | $1.52 | +7.0% | $4.6B | +0.5% |
| Jul 12, 2024 | $1.43 | $1.51 | +5.6% | $4.6B | +1.6% |
| Apr 16, 2024 | $1.19 | $1.29 | +8.4% | $4.4B | +1.0% |
| Jan 12, 2024 | $1.12 | $1.28 | +14.3% | $4.4B | +1.1% |
| Oct 17, 2023 | $1.15 | $1.22 | +6.1% | $4.3B | -1.5% |
| Jul 18, 2023 | $1.22 | $1.30 | +6.6% | $4.4B | -0.3% |
BK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 21, 2026 | Hobbs Shannon Marieofficer: Senior Executive VP | Sell | 297 | $137.05 |
| Apr 21, 2026 | Russak-Aminoach Rakefetdirector | Grant | 1,592 | — |
| Apr 21, 2026 | Lowrey Charles Fdirector | Grant | 1,592 | — |
| Apr 21, 2026 | Kurimsky Kurtis R.officer: Corporate Controller | Sell | 5,290 | $136.02 |
| Apr 21, 2026 | Gowrappan Kumara Gurudirector | Grant | 1,592 | — |
| Apr 21, 2026 | Robinson Elizabethdirector | Grant | 1,592 | — |
| Apr 21, 2026 | Perez Alejandroofficer: Sr. Executive Vice President | Sell | 12,504 | $137.01 |
| Apr 21, 2026 | Echevarria Josephdirector | Grant | 1,592 | — |
| Apr 21, 2026 | COOK LINDA Zdirector | Grant | 1,592 | — |
| Apr 21, 2026 | O'CONNOR SANDRAdirector | Grant | 1,592 | — |
| Apr 21, 2026 | Gilliland Marguerite Amydirector | Grant | 1,592 | — |
| Apr 21, 2026 | McCarthy J Kevinofficer: SEVP & General Counsel | Sell | 30,000 | $136.50 |
| Apr 21, 2026 | Goldstein Jeffrey Adirector | Grant | 1,592 | — |
| Apr 21, 2026 | ZOLLAR ALFRED Wdirector | Grant | 1,592 | — |
| Apr 3, 2026 | Goldstein Jeffrey Adirector | Grant | 341 | $120.97 |
Source: BK SEC Form 4 filings, latest Apr 21, 2026. For informational purposes only — not investment advice.
See the full BK insider & 13F page →BK research & analysis
MS Launches Lowest-Cost Bitcoin ETF — COIN and 5 Stocks Set to Capture Institutional Flows
Morgan Stanley's launch of the lowest-cost Bitcoin ETF marks a milestone in institutional adoption, benefiting custodians like COIN and BK, exchanges CME/NDAQ, issuer MS, and proxy MSTR. Analysis ranks COIN top for its ETF custody dominance amid record volumes and diversification. Watch ETF inflows and crypto derivatives growth as key catalysts.
MSTRCOINCMENorthern Trust's ETF Custody Play: Why a $10T+ Market Is Finally Getting a Third Competitor
Northern Trust is entering the ETF custody market with a dedicated services unit targeting active ETF sponsors — a direct challenge to the BNY Mellon and State Street duopoly that controls the majority of the $10T+ ETF custody market. NTRS and ICE are the clearest beneficiaries: NTRS as the challenger with institutional credibility and a 13.7x forward P/E, ICE as the infrastructure layer that profits from ETF growth regardless of who wins the custody wars.
NTRSSTTICEETF Custody Fee War: How the Three-Way Race Reshapes the Margin Math for BNY, STT, and NTRS
BNY Mellon, State Street, and Northern Trust are competing in a structurally compressed ETF administration market, with all three posting ~40% stock returns over the past year but diverging sharply on margins and growth momentum. BNY leads on scale ($39.6B revenue, 36.9% 3-year EPS CAGR) and is best positioned to absorb fee compression, while Northern Trust's niche positioning and lowest EBIT margin (16.3%) make it most vulnerable. State Street trades at the steepest discount (10.5× forward P/E) but faces the highest structural fee-revenue headwinds.
STTNTRSNorthern Trust Joins ICE ETF Hub: What It Means for the $10T ETF Back-Office Battle
Northern Trust's decision to join the ICE ETF Hub marks a consolidation milestone in the $10 trillion ETF back-office market. ICE is the structural winner as the platform landlord, BNY Mellon leads on scale, State Street offers the deepest value, Northern Trust is the most compelling turnaround, and Broadridge provides contrarian recurring-revenue exposure after a 19% drawdown.
ICESTTNTRSDoes ICE's ETF Hub give it pricing power over the custodians it connects — and how much margin is at risk?
ICE's ETF Hub, embedded in its $2.4B Fixed Income and Data Services segment, gives it genuine pricing power over custody banks BNY, State Street, and Northern Trust — particularly in fixed income ETF pricing where alternatives are scarce. With 38.6% operating margins versus ~18% for custodians and 81% recurring revenue, ICE extracts significantly more value per dollar, though its leverage is bounded to fixed income and index-linked products rather than the broader equity ETF market.
ICESTTNTRSHow much ETF AUA does each custody giant need to add to justify current valuations?
State Street requires the least incremental ETF AUA (~$6.5 trillion) to justify its current valuation at 1.26x book, making it the best risk-reward among custody giants. BNY Mellon needs ~$25 trillion but has the scale to deliver, while Northern Trust faces the steepest challenge at $9 trillion with declining earnings and the richest P/B multiple at 2.06x.
STTNTRSBNY up 45%, State Street up 47%, Northern Trust up 43% in 12 months — which custody stock still has room to run?
All three custody giants — BNY Mellon, State Street, and Northern Trust — delivered 43-47% returns over the past 12 months, but State Street stands out as the best value at 10.8x forward earnings, a 23% discount to peers. BK offers the highest quality (36.9% 3-year EPS CAGR, PEG of 1.11), while NTRS is the income play with a 2.77% yield.
STTNTRSAt what scale does ICE's ETF Hub become a winner-take-most platform — and is it approaching that threshold?
ICE's ETF Hub is approaching a winner-take-most threshold as Northern Trust's addition means three of the four largest U.S. ETF custodians now route through a single platform, covering an estimated 70-80% of custody assets. ICE is the clearest beneficiary of platform network effects, while custodian banks like BNY and State Street gain operational efficiencies but risk ceding pricing power, and middleware providers Broadridge and SS&C face long-term displacement risk.
ICESTTNTRSWhich ETF issuers benefit most from custody fee compression as servicing competition intensifies?
Custody fee compression driven by intensifying competition among ETF servicers — including Northern Trust's entry into the ICE ETF Hub — creates a tailwind for large ETF issuers. Invesco (IVZ) and BlackRock (BLK) benefit most from their scale and operating leverage, while custodians BNY Mellon (BK) and State Street (STT) face margin pressure offset partly by productivity gains and innovation.
BLKIVZNTRSDoes Northern Trust joining ICE ETF Hub threaten BNY Mellon's ETF servicing share or validate the platform?
Northern Trust joining ICE's ETF Hub validates the platform's role as essential ETF infrastructure rather than directly threatening BNY Mellon's dominant servicing position. ICE is the clearest structural winner as the platform operator, while BNY's scale and technology moat remain intact; NTRS gains a necessary tool to compete but must still prove it can win mandates.
ICENTRSSTTDoes Northern Trust's Technology Wedge Change the Long-Term Fee Economics of ETF Custody for All Three Players?
Northern Trust's technology investments in ETF custody automation create a pricing wedge that could accelerate fee compression across the custodian oligopoly — but FY2025 revenue declines at NTRS suggest the transition is costly before it is rewarding. State Street's SPDR franchise and BNY Mellon's scale keep both incumbents better positioned than valuations suggest, while ICE's 38.7% EBIT margin illustrates that the most durable pricing power in the ETF ecosystem sits in index and data infrastructure, not custody.
NTRSBNYSTTHow Much Fee Compression Can BNY and State Street Absorb Before ETF Custody Margins Turn Negative?
BNY Mellon, State Street, and Northern Trust face accelerating ETF custody fee compression, with Northern Trust already showing TTM revenue contraction of -9.9% and the thinnest operating margin (16.3%) of the three. BNY Mellon's scale and operating leverage make it most resilient to further fee cuts, while State Street's SPDR dual role provides a partial floor. A 20% industry-wide fee cut scenario would stress Northern Trust's margins most severely, though no player reaches negative territory immediately.
STTNTRSHow Much of BNY and State Street's AUC Revenue Is Exposed to Northern Trust's Technology-Led Custody Push?
Northern Trust's technology-led push into ETF servicing poses a bounded but real threat to BNY Mellon and State Street, with State Street more exposed due to its custody-concentrated revenue model and -5.8% TTM revenue decline. BNY Mellon's diversification across clearing and treasury services limits its blast radius, while Northern Trust's own -9.9% revenue contraction signals a multiyear buildout that has yet to translate into top-line wins.
STTNTRSCan Northern Trust's ICE ETF Hub Partnership Structurally Erode BNY and State Street's Pricing Power?
Northern Trust's partnership with ICE ETF Hub introduces a credible third competitor into a custody market long dominated by BNY Mellon and State Street, with the most consequential risk being gradual pricing pressure on incumbents rather than near-term asset flight. ICE is the structural winner from any intensification of the ETF servicing arms race, while State Street faces the most acute risk as both a servicer and ETF issuer with declining revenues on both fronts.
STTNTRSICEWhich Emerging ETF Issuers Are Most Likely to Switch Custodians as Northern Trust Offers a Credible Alternative?
Northern Trust's entry into ETF custody and administration is cracking open a market long dominated by BNY Mellon and State Street. NTRS is the clearest beneficiary as a credible challenger, State Street is the most structurally exposed incumbent due to its dual role as custodian and rival ETF issuer, and Invesco — a cost-conscious mid-size ETF manager — is the most likely major issuer to explore switching.
NTRSSTTIVZ
The Bank of New York Mellon Corporation company profile
Overview
The Bank of New York Mellon Corporation (NYSE:BK) is one of the world's oldest and largest financial services companies, tracing its origins to 1784 when Alexander Hamilton helped establish the Bank of New York. Through a series of mergers and acquisitions, most notably the 2007 merger between The Bank of New York and Mellon Financial Corporation, the company has evolved into a global leader in investment services and investment management. Today, BNY Mellon serves as a critical infrastructure provider for the global financial system, managing over $50 trillion in assets under custody and administration while providing essential services to institutional investors, asset managers, and financial institutions worldwide.
Business
BNY Mellon operates as a comprehensive financial services provider specializing in investment services and investment management. The company functions as the backbone infrastructure for institutional investing, providing the essential "plumbing" that enables global capital markets to operate efficiently. The company operates through four main business segments: Securities Services (approximately 49% of revenue) provides custody and trust services, which means BNY Mellon safely holds and tracks securities (stocks, bonds, etc.) on behalf of institutional investors like pension funds and mutual funds. This segment also offers asset servicing, including accounting, performance measurement, and regulatory reporting for investment managers. The company has become a dominant player in Exchange-Traded Fund (ETF) servicing, managing over $2.8 trillion in ETF assets. Additionally, this segment provides transfer agency services, which involves maintaining shareholder records and processing transactions for mutual funds and other investment vehicles. Market and Wealth Services (approximately 36% of revenue) includes Pershing, one of the largest clearing and custody platforms for financial advisors and broker-dealers. This platform enables thousands of financial advisors to manage client portfolios and execute trades. The segment also provides treasury services including cash management, foreign exchange, and payment processing for corporate clients, as well as clearance and collateral management services that help financial institutions manage risk and regulatory requirements. Investment and Wealth Management (approximately 15% of revenue) offers traditional asset management services, managing approximately $2 trillion in assets across various investment strategies including equities, fixed income, and alternative investments. This segment also provides wealth management services for high-net-worth individuals and family offices, including estate planning and private banking services. The Other segment includes various smaller businesses such as corporate treasury operations, renewable energy investments, and business exit services.
Revenue model
BNY Mellon generates revenue primarily through fee-based services rather than traditional banking activities like lending. The company's revenue model is built on several key streams: Investment Services Fees represent the largest revenue source, charged as a percentage of assets under custody or administration. These fees are collected for safekeeping securities, processing transactions, and providing accounting and reporting services. The fees are typically calculated as basis points (hundredths of a percent) on the value of assets serviced, creating a direct correlation between market performance and revenue. Asset Management Fees are charged as a percentage of assets under management, typically ranging from 20 to 100 basis points annually depending on the investment strategy and client type. These fees provide relatively stable recurring revenue streams. Transaction-Based Fees are generated from processing trades, foreign exchange transactions, and other financial services. These fees fluctuate with market activity and client transaction volumes. Net Interest Income comes from the spread between interest earned on client deposits and investments versus interest paid to clients. This component has become more significant in recent years due to rising interest rates. The company's paying customers are primarily institutional investors including pension funds, insurance companies, mutual fund companies, sovereign wealth funds, central banks, and financial advisors. Corporate clients also utilize treasury and cash management services. Factors that increase margins include rising asset values (which increase fee revenue without proportional cost increases), higher interest rates (which improve net interest margins), increased market volatility (which drives transaction volumes), and successful cross-selling of multiple services to existing clients. Conversely, factors that pressure margins include declining asset values, lower interest rates, reduced market activity, competitive pricing pressure, and increased regulatory compliance costs. The company's heavy investment in technology and AI capabilities represents both a current expense and a potential future margin enhancer through improved efficiency and new service capabilities.
Competitive moat
BNY Mellon possesses a strong economic moat built on several interconnected advantages. The company benefits from significant switching costs - once institutional clients integrate their operations with BNY Mellon's custody, accounting, and reporting systems, changing providers requires substantial time, cost, and operational risk. This creates high client retention rates and stable revenue streams. The company's network effects are particularly strong in its Pershing platform, where the value increases as more financial advisors and broker-dealers join the network, creating economies of scale and enhanced service capabilities. The firm's scale advantages are evident in its ability to spread technology investments and regulatory compliance costs across a massive asset base of over $50 trillion. Regulatory barriers provide additional protection, as the custody and trust business requires extensive regulatory approvals, capital requirements, and operational controls that create high barriers to entry. BNY Mellon's 240-year history and reputation provide intangible assets that are difficult for competitors to replicate, particularly important when institutional clients are entrusting their assets to a third party. However, the moat faces potential threats from technology disruption, particularly blockchain and distributed ledger technologies that could potentially disintermediate traditional custody services. Regulatory changes could also impact the competitive landscape, and large technology companies with substantial resources could potentially enter the financial services space. Additionally, fee compression pressure from clients seeking lower costs represents an ongoing challenge, though BNY Mellon's focus on higher-value services and operational efficiency helps mitigate this risk. The company's ongoing investment in AI and technology platforms, combined with its strategic transformation to a more integrated service model, appears designed to strengthen these competitive advantages and adapt to evolving market conditions.
Risks & safety
BNY Mellon demonstrates a strong margin of safety with solid financial fundamentals and conservative risk management: Liquidity and Solvency: 1. Cash and short-term investments of $116.5 billion provide substantial liquidity buffer 2. Debt-to-equity ratio of 0.76 indicates moderate leverage appropriate for a financial services company 3. Strong operational cash flows averaging over $1 billion quarterly 4. No significant solvency concerns given the asset-light, fee-based business model Valuation Metrics: 1. Price-to-earnings ratio of 12.4x appears reasonable for a stable financial services company 2. Price-to-book ratio of 1.40x reflects modest premium to book value 3. Return on equity of 28% demonstrates strong profitability 4. Pre-tax margins consistently above 30% indicate operational efficiency Other Considerations: 1. Diversified revenue streams across multiple business segments reduce concentration risk 2. Strong regulatory capital ratios exceed required minimums 3. Conservative balance sheet management with minimal credit risk exposure 4. Consistent dividend payments and share buybacks demonstrate capital return discipline 5. Fee-based revenue model provides more predictable cash flows compared to traditional banking
Recent development
Over the past few years, BNY Mellon has undergone a significant strategic transformation centered on three key pillars: "Be More for Clients," "Run Company Better," and "Power Culture." The company has implemented a "One BNY" initiative designed to break down silos between business segments and create integrated client solutions. This transformation includes transitioning over 50% of the firm to a new platform operating model, with completion targeted for early 2026. The initiative has already shown results, with a 40% increase in clients using three or more business lines and record sales quarters. Technology and AI investment represents a major strategic focus, with BNY Mellon deploying over 40 AI solutions in production and training 80% of employees on AI platforms. The company has established a dedicated AI hub with over 200 employees and entered into a multi-year agreement with OpenAI. These investments aim to improve operational efficiency and create new revenue opportunities. Product innovation has accelerated with launches including the Wove wealth advisory platform, CollateralOne for collateral management, and Alts Bridge for alternative investment access. The company has also expanded its ETF servicing capabilities, growing assets under custody to $2.8 trillion, representing 60% year-over-year growth. Operational efficiency initiatives have generated approximately $500 million in annual savings, which the company has reinvested in growth initiatives and technology capabilities. The firm has simplified its brand from "BNY Mellon" to "BNY" and restructured its commercial coverage model to better serve clients across business lines. Recent strategic acquisitions include Archer to expand managed account solutions, demonstrating the company's disciplined approach to capability-enhancing acquisitions that support long-term strategic goals.
BK company profile · for informational purposes only — not investment advice.
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