Bank of New York Mellon Corp

BNY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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BNY Earnings: Revenue and Outlook Impressive

Rajiv Bhatia

Jan 15, 2025

BNY finished 2024 on a high note. Revenue (both fee and net interest income) exceeded our expectations even though adjusted expenses were a tad bit higher than our model. On a segment basis, securities services and market and wealth services came in stronger than our expectations while investment and wealth management was a tad bit lower. We attribute the positive market reaction to the wide-moat firm's guidance for net interest income, which is mid-single-digit percentage growth in 2025. As we incorporate these results, we expect to increase our fair value estimate of $70 per share in the range of 5%-15%.

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Bank of New York Mellon Corp

BNY Earnings: Revenue and Outlook Impressive

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