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Also traded in: Argentina, Brazil, Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash-to-Debt 3.09
BK's Cash-to-Debt is ranked lower than
68% of the 1565 Companies
in the Global Asset Management industry.

( Industry Median: 9999.00 vs. BK: 3.09 )
Ranked among companies with meaningful Cash-to-Debt only.
BK' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.49  Med: 1.57 Max: 7.09
Current: 3.09
0.49
7.09
Equity-to-Asset 0.11
BK's Equity-to-Asset is ranked lower than
95% of the 1449 Companies
in the Global Asset Management industry.

( Industry Median: 0.85 vs. BK: 0.11 )
Ranked among companies with meaningful Equity-to-Asset only.
BK' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.06  Med: 0.09 Max: 0.16
Current: 0.11
0.06
0.16
Debt-to-Equity 0.75
BK's Debt-to-Equity is ranked lower than
81% of the 697 Companies
in the Global Asset Management industry.

( Industry Median: 0.20 vs. BK: 0.75 )
Ranked among companies with meaningful Debt-to-Equity only.
BK' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.55  Med: 0.89 Max: 2.15
Current: 0.75
0.55
2.15
Debt-to-EBITDA 4.65
BK's Debt-to-EBITDA is ranked lower than
68% of the 694 Companies
in the Global Asset Management industry.

( Industry Median: 1.84 vs. BK: 4.65 )
Ranked among companies with meaningful Debt-to-EBITDA only.
BK' s Debt-to-EBITDA Range Over the Past 10 Years
Min: -11.84  Med: 4.37 Max: 7.91
Current: 4.65
-11.84
7.91
Interest Coverage 8.29
BK's Interest Coverage is ranked lower than
80% of the 1445 Companies
in the Global Asset Management industry.

( Industry Median: 399.93 vs. BK: 8.29 )
Ranked among companies with meaningful Interest Coverage only.
BK' s Interest Coverage Range Over the Past 10 Years
Min: 0.73  Med: 5.99 Max: 12.87
Current: 8.29
0.73
12.87
Beneish M-Score: -2.49
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating Margin % 32.09
BK's Operating Margin % is ranked lower than
59% of the 1479 Companies
in the Global Asset Management industry.

( Industry Median: 49.37 vs. BK: 32.09 )
Ranked among companies with meaningful Operating Margin % only.
BK' s Operating Margin % Range Over the Past 10 Years
Min: -28.85  Med: 24.83 Max: 32.09
Current: 32.09
-28.85
32.09
Net Margin % 24.17
BK's Net Margin % is ranked lower than
60% of the 1480 Companies
in the Global Asset Management industry.

( Industry Median: 44.88 vs. BK: 24.17 )
Ranked among companies with meaningful Net Margin % only.
BK' s Net Margin % Range Over the Past 10 Years
Min: -14.16  Med: 16.88 Max: 24.17
Current: 24.17
-14.16
24.17
ROE % 9.04
BK's ROE % is ranked higher than
56% of the 1571 Companies
in the Global Asset Management industry.

( Industry Median: 7.29 vs. BK: 9.04 )
Ranked among companies with meaningful ROE % only.
BK' s ROE % Range Over the Past 10 Years
Min: -4.79  Med: 7.25 Max: 9.99
Current: 9.04
-4.79
9.99
ROA % 1.06
BK's ROA % is ranked lower than
65% of the 1602 Companies
in the Global Asset Management industry.

( Industry Median: 4.08 vs. BK: 1.06 )
Ranked among companies with meaningful ROA % only.
BK' s ROA % Range Over the Past 10 Years
Min: -0.48  Med: 0.76 Max: 1.36
Current: 1.06
-0.48
1.36
3-Year Revenue Growth Rate 2.90
BK's 3-Year Revenue Growth Rate is ranked higher than
50% of the 1125 Companies
in the Global Asset Management industry.

( Industry Median: 3.20 vs. BK: 2.90 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
BK' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -11.7  Med: 4.5 Max: 24.1
Current: 2.9
-11.7
24.1
3-Year EBITDA Growth Rate 9.10
BK's 3-Year EBITDA Growth Rate is ranked higher than
58% of the 1015 Companies
in the Global Asset Management industry.

( Industry Median: 2.90 vs. BK: 9.10 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
BK' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -18.9  Med: 11.6 Max: 51.1
Current: 9.1
-18.9
51.1
3-Year EPS without NRI Growth Rate 22.10
BK's 3-Year EPS without NRI Growth Rate is ranked higher than
73% of the 965 Companies
in the Global Asset Management industry.

( Industry Median: 3.50 vs. BK: 22.10 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
BK' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -24.4  Med: 12.5 Max: 160.4
Current: 22.1
-24.4
160.4
GuruFocus has detected 5 Warning Signs with Bank of New York Mellon Corp BK.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» BK's 30-Y Financials

Financials (Next Earnings Date: 2017-10-19)


Revenue & Net Income
Equity & Asset
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q4 2016

BK Guru Trades in Q4 2016

Jim Simons 3,686,777 sh (+2507.76%)
Paul Tudor Jones 431,837 sh (+107.99%)
Ray Dalio 130,800 sh (+23.40%)
Pioneer Investments 1,425,518 sh (+20.65%)
Tweedy Browne 4,702,087 sh (+4.05%)
Warren Buffett 21,671,969 sh (+2.53%)
Murray Stahl 37,572 sh (+0.41%)
Bill Nygren 6,320,000 sh (unchged)
John Rogers 112,970 sh (unchged)
Tweedy Browne Global Value 1,315,780 sh (unchged)
Martin Whitman 1,771,413 sh (unchged)
Steven Cohen Sold Out
Jeff Auxier 310,679 sh (-0.46%)
John Buckingham 143,099 sh (-0.95%)
T Rowe Price Equity Income Fund 4,175,000 sh (-1.18%)
Chris Davis 21,230,205 sh (-1.28%)
Joel Greenblatt 6,319 sh (-1.42%)
Mario Gabelli 5,782,252 sh (-2.73%)
Charles Brandes 3,628,601 sh (-3.67%)
First Eagle Investment 21,950,143 sh (-8.11%)
Ken Fisher 8,676 sh (-10.69%)
Dodge & Cox 49,656,019 sh (-12.17%)
Third Avenue Management 1,759,465 sh (-13.51%)
David Dreman 48,016 sh (-18.11%)
Yacktman Fund 2,700,000 sh (-28.95%)
Donald Yacktman 4,121,719 sh (-29.79%)
Robert Olstein 141,888 sh (-32.11%)
Yacktman Focused Fund 750,000 sh (-37.50%)
» More
Q1 2017

BK Guru Trades in Q1 2017

HOTCHKIS & WILEY 1,130,815 sh (New)
Warren Buffett 33,012,059 sh (+52.33%)
Joel Greenblatt 7,123 sh (+12.72%)
Third Avenue Management 1,768,136 sh (+0.49%)
Bill Nygren 6,320,000 sh (unchged)
Robert Olstein 141,888 sh (unchged)
Tweedy Browne Global Value 1,315,780 sh (unchged)
Jim Simons Sold Out
Ray Dalio Sold Out
John Rogers 112,864 sh (-0.09%)
Murray Stahl 37,422 sh (-0.40%)
Tweedy Browne 4,676,782 sh (-0.54%)
Chris Davis 21,001,307 sh (-1.08%)
David Dreman 46,812 sh (-2.51%)
Mario Gabelli 5,636,095 sh (-2.53%)
Charles Brandes 3,530,838 sh (-2.69%)
Jeff Auxier 300,879 sh (-3.15%)
T Rowe Price Equity Income Fund 4,025,000 sh (-3.59%)
Pioneer Investments 1,349,217 sh (-5.35%)
Yacktman Focused Fund 700,000 sh (-6.67%)
Donald Yacktman 3,823,552 sh (-7.23%)
Ken Fisher 8,033 sh (-7.41%)
Yacktman Fund 2,500,000 sh (-7.41%)
Dodge & Cox 45,008,588 sh (-9.36%)
First Eagle Investment 19,708,865 sh (-10.21%)
John Buckingham 124,636 sh (-12.90%)
Paul Tudor Jones 5,000 sh (-98.84%)
Martin Whitman 1,523,413 sh (-14.00%)
» More
Q2 2017

BK Guru Trades in Q2 2017

Diamond Hill Capital 17,370 sh (New)
Warren Buffett 50,229,588 sh (+52.16%)
David Dreman 54,495 sh (+16.41%)
Ken Fisher 8,246 sh (+2.65%)
Tweedy Browne Global Value 1,315,780 sh (unchged)
Yacktman Focused Fund 700,000 sh (unchged)
Yacktman Fund 2,500,000 sh (unchged)
Robert Olstein 141,888 sh (unchged)
Bill Nygren 6,320,000 sh (unchged)
Martin Whitman 1,523,413 sh (unchged)
Paul Tudor Jones Sold Out
John Rogers 112,837 sh (-0.02%)
Third Avenue Management 1,762,417 sh (-0.32%)
Donald Yacktman 3,806,188 sh (-0.45%)
HOTCHKIS & WILEY 1,119,515 sh (-1.00%)
Tweedy Browne 4,626,992 sh (-1.06%)
First Eagle Investment 19,481,430 sh (-1.15%)
Dodge & Cox 44,390,531 sh (-1.37%)
John Buckingham 122,645 sh (-1.60%)
T Rowe Price Equity Income Fund 3,945,000 sh (-1.99%)
Mario Gabelli 5,509,015 sh (-2.25%)
Murray Stahl 36,472 sh (-2.54%)
Jeff Auxier 292,479 sh (-2.79%)
Chris Davis 19,934,671 sh (-5.08%)
Charles Brandes 2,986,091 sh (-15.43%)
Pioneer Investments 1,137,860 sh (-15.67%)
Joel Greenblatt 6,004 sh (-15.71%)
» More
Q3 2017

BK Guru Trades in Q3 2017

Tweedy Browne Global Value 1,315,780 sh (unchged)
Yacktman Focused Fund 700,000 sh (unchged)
Yacktman Fund 2,500,000 sh (unchged)
T Rowe Price Equity Income Fund 3,600,000 sh (-8.75%)
Martin Whitman 1,327,913 sh (-12.83%)
» More
» Details

Insider Trades

Latest Guru Trades with BK

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
T Rowe Price Equity Income Fund 2017-09-30 Reduce -8.75%0.08%$50.28 - $54.04 $ 52.720%3,600,000
Martin Whitman 2017-07-31 Reduce -12.83%0.86%$46.2 - $53.91 $ 52.726%1,327,913
Warren Buffett 2017-06-30 Add 52.16%0.54%$46.2 - $51.02 $ 52.7210%50,229,588
Dodge & Cox 2017-06-30 Reduce -1.37%0.02%$46.2 - $51.02 $ 52.7210%44,390,531
Chris Davis 2017-06-30 Reduce -5.08%0.22%$46.2 - $51.02 $ 52.7210%19,934,671
First Eagle Investment 2017-06-30 Reduce -1.15%0.03%$46.2 - $51.02 $ 52.7210%19,481,430
Mario Gabelli 2017-06-30 Reduce -2.25%0.04%$46.2 - $51.02 $ 52.7210%5,509,015
Tweedy Browne 2017-06-30 Reduce -1.06%0.07%$46.2 - $51.02 $ 52.7210%4,626,992
T Rowe Price Equity Income Fund 2017-06-30 Reduce -1.99%0.02%$46.2 - $51.01 $ 52.7210%3,945,000
Donald Yacktman 2017-06-30 Reduce -0.45%0.01%$46.2 - $51.02 $ 52.7210%3,806,188
Charles Brandes 2017-06-30 Reduce -15.43%0.38%$46.2 - $51.02 $ 52.7210%2,986,091
Third Avenue Management 2017-06-30 Reduce -0.32%0.01%$46.2 - $51.02 $ 52.7210%1,762,417
HOTCHKIS & WILEY 2017-06-30 Reduce -1.00%$46.2 - $51.02 $ 52.7210%1,119,515
John Rogers 2017-06-30 Reduce -0.02%$46.2 - $51.02 $ 52.7210%112,837
David Dreman 2017-06-30 Add 16.41%0.22%$46.2 - $51.02 $ 52.7210%54,495
Ken Fisher 2017-06-30 Add 2.65%$46.2 - $51.01 $ 52.7210%8,246
Joel Greenblatt 2017-06-30 Reduce -15.71%$46.2 - $51.02 $ 52.7210%6,004
Dodge & Cox 2017-03-31 Reduce -9.36%0.2%$43.87 - $48.71 $ 52.7213%45,008,588
Warren Buffett 2017-03-31 Add 52.33%0.33%$43.87 - $48.71 $ 52.7213%33,012,059
Chris Davis 2017-03-31 Reduce -1.08%0.05%$43.87 - $48.71 $ 52.7213%21,001,307
First Eagle Investment 2017-03-31 Reduce -10.21%0.27%$43.87 - $48.71 $ 52.7213%19,708,865
Mario Gabelli 2017-03-31 Reduce -2.53%0.04%$43.87 - $48.71 $ 52.7213%5,636,095
Tweedy Browne 2017-03-31 Reduce -0.54%0.04%$43.87 - $48.71 $ 52.7213%4,676,782
T Rowe Price Equity Income Fund 2017-03-31 Reduce -3.59%0.03%$43.87 - $48.71 $ 52.7213%4,025,000
Donald Yacktman 2017-03-31 Reduce -7.23%0.13%$43.87 - $48.71 $ 52.7213%3,823,552
Charles Brandes 2017-03-31 Reduce -2.69%0.07%$43.87 - $48.71 $ 52.7213%3,530,838
Yacktman Fund 2017-03-31 Reduce -7.41%0.14%$43.87 - $48.71 $ 52.7213%2,500,000
Third Avenue Management 2017-03-31 Add 0.49%0.02%$43.87 - $48.71 $ 52.7213%1,768,136
HOTCHKIS & WILEY 2017-03-31 New Buy0.21%$43.87 - $48.71 $ 52.7213%1,130,815
Yacktman Focused Fund 2017-03-31 Reduce -6.67%0.07%$43.87 - $48.71 $ 52.7213%700,000
John Rogers 2017-03-31 Reduce -0.09%$43.87 - $48.71 $ 52.7213%112,864
David Dreman 2017-03-31 Reduce -2.51%0.03%$43.87 - $48.71 $ 52.7213%46,812
Ken Fisher 2017-03-31 Reduce -7.41%$43.87 - $48.71 $ 52.7213%8,033
Joel Greenblatt 2017-03-31 Add 12.72%$43.87 - $48.71 $ 52.7213%7,123
Martin Whitman 2017-01-31 Reduce -14.00%0.99%$42.87 - $49.17 $ 52.7213%1,523,413
Dodge & Cox 2016-12-31 Reduce -12.17%0.26%$39.09 - $49.17 $ 52.7217%49,656,019
First Eagle Investment 2016-12-31 Reduce -8.11%0.2%$39.09 - $49.17 $ 52.7217%21,950,143
Warren Buffett 2016-12-31 Add 2.53%0.02%$39.09 - $49.17 $ 52.7217%21,671,969
Chris Davis 2016-12-31 Reduce -1.28%0.05%$39.09 - $49.17 $ 52.7217%21,230,205
Mario Gabelli 2016-12-31 Reduce -2.73%0.04%$39.09 - $49.17 $ 52.7217%5,782,252
Tweedy Browne 2016-12-31 Add 4.05%0.27%$39.09 - $49.17 $ 52.7217%4,702,087
T Rowe Price Equity Income Fund 2016-12-31 Reduce -1.18%0.01%$39.09 - $49.17 $ 52.7217%4,175,000
Donald Yacktman 2016-12-31 Reduce -29.79%0.6%$39.09 - $49.17 $ 52.7217%4,121,719
Charles Brandes 2016-12-31 Reduce -3.67%0.08%$39.09 - $49.17 $ 52.7217%3,628,601
Yacktman Fund 2016-12-31 Reduce -28.95%0.65%$39.09 - $49.17 $ 52.7217%2,700,000
Third Avenue Management 2016-12-31 Reduce -13.51%0.5%$39.09 - $49.17 $ 52.7217%1,759,465
Yacktman Focused Fund 2016-12-31 Reduce -37.50%0.48%$39.09 - $49.17 $ 52.7217%750,000
Robert Olstein 2016-12-31 Reduce -32.11%0.35%$39.09 - $49.17 $ 52.7217%141,888
David Dreman 2016-12-31 Reduce -18.11%0.26%$39.09 - $49.17 $ 52.7217%48,016
Ken Fisher 2016-12-31 Reduce -10.69%$39.09 - $49.17 $ 52.7217%8,676
Joel Greenblatt 2016-12-31 Reduce -1.42%$39.09 - $49.17 $ 52.7217%6,319
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Preferred stocks of Bank of New York Mellon Corp

SymbolPriceYieldDescription
BKNML950.005.20
BKPRC25.162.58Deposit Shs Repr 1/4000 5.2 % Non Cum Pfd Shs Series -C- PDF

Business Description

Industry: Asset Management » Asset Management    NAICS: 523920    SIC: 6282
Compare:OSTO:INVE B, NAS:AABA, NYSE:BX, NYSE:BLK, NYSE:STT, XMCE:CABK, NYSE:BEN, NYSE:AMP, NAS:TROW, NAS:NTRS, TPE:2882, XSWX:PGHN, HKSE:02799, XPAR:AMUN, XBRU:GBLB, XAMS:HAL, MIL:EXO, JSE:REM, HKSE:01359, NYSE:IVZ » details
Traded in other countries:BK.Argentina, BONY34.Brazil, BN9.Germany,
Headquarter Location:USA
Bank of New York Mellon Corporation is an investment company. The company provides investment management, investment services and wealth management that help institutions and individuals succeed in markets all over the world.

BNY Mellon was formed by the merger of Bank of New York and Mellon Financial in 2006-7. The company, which is one of the largest financial-services firms in the country, is focused on providing investment services across the investment lifecycle. Its Investment Services business (which currently accounts for 80% of pretax income) provides back-office support, like custody and servicing, to other financial-services firms, and its Investment Management division (20% of pretax income) offers mutual funds and private banking.

Guru Investment Theses on Bank of New York Mellon Corp

Mario Gabelli Comments on Bank of New York Mellon Corp - Sep 15, 2017

Bank of New York Mellon Corp. (NYSE:BK) (3.1% of net asset as of June 30, 2017)(BK–$51.02–NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than 100 markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 2017, the firm had $30.6 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

From Mario Gabelli (Trades, Portfolio)'s second-quarter Gabelli Value 25 Fund shareholder commentary.


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Mario Gabelli Comments on Bank of New York Mellon Corp - Aug 18, 2017

Bank_of_New_York_Mellon_Corp._(NYSE:BK)(1.3%)_(BK__$51.02__NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than 100 markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 2017, the firm had $30.6 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.


From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2017 shareholder letter.

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Mario Gabelli Comments on Bank of New York Mellon Corp - Aug 18, 2017

Bank_of_New_York_Mellon_Corp._(NYSE:BK)(1.3%)_(BK__$51.02__NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than 100 markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 2017, the firm had $30.6 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.


From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2017 shareholder letter.

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Jeff Auxier Comments on Bank of New York - Aug 03, 2017

Bank of New York (NYSE:BK) recently added an exceptional CEO in Charles Scharf who helped lead Visa in technology and international expansion. The company is benefitting from the relaxation in capital requirements and higher short-term interest rates. They are returning $4 billion to shareholders while raising the dividend 26% to $0.24.



From Jeff Auxier (Trades, Portfolio)'s second-quarter 2017 shareholder letter.

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Mario Gabelli Comments on Bank of New York Mellon Corp - May 10, 2017

Bank of New York Mellon Corp. (2.9% of net assets as of March 31, 2017) (BK – $47.23 – NYSE) (NYSE:BK) is a global leader in providing financial services to institutions and individuals. The company operates in more than 100 markets worldwide and strives to be the global provider of choice for investment management and investment services. As of December 31, 2016, the firm had $30.0 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Equity Income Fund 2017 first quarter shareholder commentary.

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Jeff Auxier Comments on Bank of New York - May 09, 2017

Banks in general declined off euphoric post-election highs although Bank of New York (NYSE:BK) still sells at a significant discount to the market and will benefit greatly if interest rates normalize.

After a difficult global earnings and revenue environment for over six quarters, we are seeing a pickup in sales and earnings for our core positions as many economies have seemed to stabilize. Domestically, the ISM services index still shows good improvement over 55%. We work hard at monitoring fundamentals to be able to catch the turn. While we are concerned with making good buys, it is also important to monitor highly valued “high expectation” stocks that can suffer painful drops when results fall short. We are looking for high integrity, dynamic management teams that can build value in any environment. We have learned over the years that having the cumulative knowledge of specific businesses, cash flows and balance sheets is far more important than being a market operator. When focusing on the power of compounding, it is critical to quantify and constantly assess risk through an in-depth knowledge of facts and valuation with a focus on the growth in underlying per share intrinsic value. At the core of mitigating risk is understanding the asset and the fundamentals. The problem with the proliferation of exchange traded funds is that nobody truly understands what they own as individual businesses. Most are following momentum. The real value added comes when markets drop and you really need to know the individual fundamentals at the height of panic. Many of the top Fund positions we have owned for 20-30 years. We want to be prepared daily and know ahead of time what we want to own. Then when the market drops we are ready to act. I love to study great coaches and in particular legendary UCLA basketball coach John Wooden who had preached that “the will to win is not nearly as important as the will to prepare to win.” We see the will to grind out daily research as integral to prepare for difficult times and improve the odds of protecting our clients’ life savings.




From Jeff Auxier (Trades, Portfolio)'s Auxier Asset Management first quarter 2017 shareholder letter.

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Third Avenue Management Comments on Bank of New York Mellon - Apr 21, 2017

Our investment premise for Bank of New York Mellon (NYSE:BK) is that it is a strong book value compounder that is substantially "under-earning" its profitability potential. The Company has undertaken significant cost savings initiatives, which combined with market-leading digital platform investments, should drive future growth and market share gains. The Company's balance sheet is strong with significant excess capital enabling a sizable return of capital to shareholders through both dividend and share buybacks. Lastly, with activist interest still high, any loss of momentum could lead to renewed calls for a break-up of the company to accelerate closure of the discount to NAV.

BK's book value and tangible book value growth both inflected positively in 2016 over its three-year trailing averages, over and above strong buyback and dividend activity, and we see this growth as set to accelerate with stronger earnings. Earnings Per Share (EPS) growth finally reaccelerated in 2015 and 2016, to $2.85 and $3.17, respectively, after languishing in the low-$2 per share range from 2011 to 2014. Management, spurred by activist pressure and new board members in 2014, has accelerated its cost reduction efforts and has committed to positive operating leverage regardless of the revenue growth environment. The results of this focus are clearly seen in 4Q 2016 earnings where non-interest expenses fell 2.1% while revenues grew 1.7%, generating 351 basis points of positive operating leverage. This cost-cutting focus is a key tenant of our investment case and an underlying pillar of why we believe BK shares can outperform regardless of the broader market environment. Further, while this cost reduction focus was started in 2014 when falling interest rates and meager corporate activity were suppressing revenues, we think the current tailwinds of higher interest rates and better corporate activity should also accelerate revenue growth, providing even stronger earnings leverage over the next few years that could push 2018 EPS to the $4.00 per share level.

More compelling to us is the fact that BK's cost reduction efforts are not just aimed at rote headcount reductions. BK has been aggressively investing in its new Nexen platform, an open-source, cloud-based technology platform aimed at improving client efficiency and flexibility. This platform will both help to drive revenue growth and likely share gains through its forward looking client-responsive features, and also dramatically lower costs as it is replacing legacy server based systems and consolidating multiple client access points to just one.

BK's strong balance sheet metrics continued to improve in 2016 (Common Equity Tier 1 ratio of 12.3%, up from 11.5% year over year), over and above its substantial return of value to shareholders in dividends ($778 million) and share buybacks ($2.4 billion). Management has committed to continued strong dividends (90%400% payout ratio) and share buybacks for 2017. The buybacks are having a dramatic effect on the company, as the fully diluted share count declined 3.6% in 2016 and fell 12.3% over the last 5-years.

Despite the strong credit and earnings metrics at BK, its shares underperformed the S&P 500 post-election, up 7.6% through March 31, 2017 vs. 10.4% for the S&P 500. Moreover, BK is currently trading towards the lower end of its price-to-book and price-to-earnings ranges for the last 10 years. While we continue to take a 3-5 year view on BK, even a near term price target for 2018 at a 15x price earnings ratio on $4.00 EPS would yield a $60 stock price, which is more than 26% above current levels. Clearly we see significant value in Bank of New York Mellon, regardless of overall market levels currently.



From Third Avenue Management (Trades, Portfolio)'s Value Fund first quarter 2017 commentary.

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Mario Gabelli Comments on Bank of New York Mellon Corp - Nov 02, 2016

Bank of New York Mellon Corp. (NYSE:BK) (2.6% of net assets as of September 30, 2016) (BK – $39.88 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of June 30, 2016, the firm had $29.5 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.



From Mario Gabelli (Trades, Portfolio)'s Equity Income Fund 3rd quarter 2016 commentary.

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GAMCO Investors Comments on Bank of New York Mellon Corp - Oct 28, 2016

Bank of New York Mellon Corp. (NYSE:BK) (2.4% of net assets as of September 30, 2016) (BK – $39.88 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of June 30, 2016, the firm had $29.5 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.



The Gabelli Value 25 Fund third quarter 2016 commentary.



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Mario Gabelli Comments on Bank of New York Mellon Corp - Jul 26, 2016

Bank of New York Mellon Corp. (NYSE:BK)(1.0% of net assets as of June 30, 2016) (BK – $38.85 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 31, 2016, the firm had $29.1 trillion in assets under custody and $1.6 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.

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Mario Gabelli Comments on Bank of New York Mellon Corp - Jul 25, 2016

Bank of New York Mellon Corp. (NYSE:BK) (1.0% of net assets as of June 30, 2016) (BK – $38.85 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 31, 2016, the firm had $29.1 trillion in assets under custody and $1.6 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.





From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.



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Yacktman Funds Comments on BNY Mellon - May 04, 2016

BNY Mellon (NYSE:BK) dropped with general weakness in the financial sector. We think the company is highly focused on achieving improved performance from its market leading custodial and investment management businesses, and the shares are attractively priced.



From Donald Yacktman (Trades, Portfolio)'s Yacktman Focused Fund (Trades, Portfolio) first quarter 2016 commentary.

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First Eagle Investments Comments on Bank of New York Mellon - May 02, 2016

Bank of New York Mellon (NYSE:BK) has been struggling with the effects of central bank policy. The fact that the Fed has not tightened interest rates further and the possibility of negative interest rates are hurting the valuations of banks, which normally earn interest on deposits. Interest rates that have stayed low for a long time have increased investors’ worries that these headwinds to Bank of New York Mellon will persist—both for its deposit float and for the fee waivers in its money market asset management businesses.



From First Eagle's Global Value Fund first quarter 2016 commentary.



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Mario Gabelli Comments on Bank of New York Mellon Corp - Feb 10, 2016

Bank of New York Mellon Corp. (2.3% of net assets as of December 31, 2015) (BK – $41.22 – NYSE) (NYSE:BK) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of September 30, 2015, the firm had $27.4 trillion in assets under custody and $1.5 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund fourth quarter 2015 commentary.

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Mario Gabelli Comments on Bank of New York Mellon Corp - Feb 05, 2016

Bank of New York Mellon Corp. (2.2%) (BK – $41.22 – NYSE)(NYSE:BK) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of September 30, 2015, the firm had $27.4 trillion in assets under custody and $1.5 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.



From Mario Gabelli (Trades, Portfolio)'s GAMCO Equity Income Fund fourth quarter 2015 commentary.

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David Einhorn Comments on Bank of New York Mellon - Jan 19, 2016

We decided to sell our position in Bank of New York Mellon (NYSE:BK) with a small profit. We becamemoderately less comfortable with the market exposure in both the Investment Services andInvestment Management segments and felt that the market was giving the company too muchcredit for potential earnings leverage to multiple Fed rate hikes.

From David Einhorn (Trades, Portfolio)'s Green Light Capital fourth quarter 2015 shareholder letter.

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Top Ranked Articles about Bank of New York Mellon Corp

BNY Mellon and HSBC Team Up with Algomi To Unlock Corporate Bond Liquidity
BNY Mellon Survey Finds Banks are Cautiously Optimistic Emerging Technologies will Significantly Impact Today's Correspondent Banking Model
BNY Mellon Named Successor Depositary Bank by Two European Blue-Chips, BASF and Orange
Alcentra Announces Final Closure of Clareant Strategic Credit Fund, LP(1)
Martin Whitman Reduces Masco and 2 Regional Banks Largest sales of the 3rd quarter
Third Avenue Value Fund (TAVFX) was founded by Martin Whitman (Trades, Portfolio) in 1986. He manages a portfolio of $1.055 billion and the following are the largest sales of the third quarter: Read more...
Amherst Capital Market Update: Increasing Institutional Ownership of Single-Family Rental Homes Solidifies SFR as a Long-Term Asset Class
What Does Warren Buffett See in Bank of New York Mellon? Berkshire Hathaway raised stake by 52% in last quarter
Last quarter, Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) increased its stake in Bank of New York Mellon (NYSE:BK) by 52% to $2.6 billion, making it one of the largest portfolio movements Berkshire made during the quarter. Read more...
BNY Mellon and Hazeltree Launch Treasury and Cash Management Solution
BNY Mellon to Host Third Quarter 2017 Earnings Conference Call on Thursday, October 19
BNY Mellon Leaders Recognized by American Banker as 2017 Most Powerful Women in Banking

Ratios

vs
industry
vs
history
PE Ratio 15.67
BK's PE Ratio is ranked lower than
61% of the 1198 Companies
in the Global Asset Management industry.

( Industry Median: 11.52 vs. BK: 15.67 )
Ranked among companies with meaningful PE Ratio only.
BK' s PE Ratio Range Over the Past 10 Years
Min: 8.16  Med: 14.99 Max: 42.69
Current: 15.67
8.16
42.69
Forward PE Ratio 13.93
BK's Forward PE Ratio is ranked higher than
52% of the 120 Companies
in the Global Asset Management industry.

( Industry Median: 13.70 vs. BK: 13.93 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 15.67
BK's PE Ratio without NRI is ranked lower than
60% of the 1201 Companies
in the Global Asset Management industry.

( Industry Median: 11.76 vs. BK: 15.67 )
Ranked among companies with meaningful PE Ratio without NRI only.
BK' s PE Ratio without NRI Range Over the Past 10 Years
Min: 8.16  Med: 16.31 Max: 36.95
Current: 15.67
8.16
36.95
Price-to-Owner-Earnings 27.85
BK's Price-to-Owner-Earnings is ranked lower than
78% of the 376 Companies
in the Global Asset Management industry.

( Industry Median: 13.75 vs. BK: 27.85 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
BK' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 3.73  Med: 14.92 Max: 168.08
Current: 27.85
3.73
168.08
PB Ratio 1.50
BK's PB Ratio is ranked lower than
76% of the 1557 Companies
in the Global Asset Management industry.

( Industry Median: 0.99 vs. BK: 1.50 )
Ranked among companies with meaningful PB Ratio only.
BK' s PB Ratio Range Over the Past 10 Years
Min: 0.64  Med: 1.19 Max: 4.44
Current: 1.5
0.64
4.44
PS Ratio 3.58
BK's PS Ratio is ranked higher than
70% of the 1312 Companies
in the Global Asset Management industry.

( Industry Median: 5.77 vs. BK: 3.58 )
Ranked among companies with meaningful PS Ratio only.
BK' s PS Ratio Range Over the Past 10 Years
Min: 1.46  Med: 2.84 Max: 4.82
Current: 3.58
1.46
4.82
Price-to-Free-Cash-Flow 32.84
BK's Price-to-Free-Cash-Flow is ranked lower than
76% of the 387 Companies
in the Global Asset Management industry.

( Industry Median: 16.97 vs. BK: 32.84 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
BK' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 4.95  Med: 12.51 Max: 117.5
Current: 32.84
4.95
117.5
Price-to-Operating-Cash-Flow 19.24
BK's Price-to-Operating-Cash-Flow is ranked lower than
53% of the 800 Companies
in the Global Asset Management industry.

( Industry Median: 17.26 vs. BK: 19.24 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
BK' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 4.46  Med: 11.53 Max: 127.71
Current: 19.24
4.46
127.71
EV-to-EBIT -0.79
BK's EV-to-EBIT is ranked lower than
99.99% of the 1145 Companies
in the Global Asset Management industry.

( Industry Median: 9.97 vs. BK: -0.79 )
Ranked among companies with meaningful EV-to-EBIT only.
BK' s EV-to-EBIT Range Over the Past 10 Years
Min: -26.8  Med: -11 Max: 20.3
Current: -0.79
-26.8
20.3
EV-to-EBITDA -0.61
BK's EV-to-EBITDA is ranked lower than
99.99% of the 1169 Companies
in the Global Asset Management industry.

( Industry Median: 9.23 vs. BK: -0.61 )
Ranked among companies with meaningful EV-to-EBITDA only.
BK' s EV-to-EBITDA Range Over the Past 10 Years
Min: -19.4  Med: -8.1 Max: 35.3
Current: -0.61
-19.4
35.3
EV-to-Revenue -0.25
BK's EV-to-Revenue is ranked lower than
99.99% of the 1289 Companies
in the Global Asset Management industry.

( Industry Median: 5.55 vs. BK: -0.25 )
Ranked among companies with meaningful EV-to-Revenue only.
BK' s EV-to-Revenue Range Over the Past 10 Years
Min: -6.1  Med: -2.65 Max: 4
Current: -0.25
-6.1
4
PEG Ratio 1.69
BK's PEG Ratio is ranked lower than
59% of the 272 Companies
in the Global Asset Management industry.

( Industry Median: 1.13 vs. BK: 1.69 )
Ranked among companies with meaningful PEG Ratio only.
BK' s PEG Ratio Range Over the Past 10 Years
Min: 1.29  Med: 1.8 Max: 43.47
Current: 1.69
1.29
43.47
Shiller PE Ratio 26.76
BK's Shiller PE Ratio is ranked lower than
67% of the 436 Companies
in the Global Asset Management industry.

( Industry Median: 20.29 vs. BK: 26.76 )
Ranked among companies with meaningful Shiller PE Ratio only.
BK' s Shiller PE Ratio Range Over the Past 10 Years
Min: 8.22  Med: 16.67 Max: 27.61
Current: 26.76
8.22
27.61

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 1.53
BK's Dividend Yield % is ranked lower than
82% of the 1518 Companies
in the Global Asset Management industry.

( Industry Median: 4.04 vs. BK: 1.53 )
Ranked among companies with meaningful Dividend Yield % only.
BK' s Dividend Yield % Range Over the Past 10 Years
Min: 1.11  Med: 1.81 Max: 5.26
Current: 1.53
1.11
5.26
Dividend Payout Ratio 0.23
BK's Dividend Payout Ratio is ranked higher than
72% of the 955 Companies
in the Global Asset Management industry.

( Industry Median: 0.71 vs. BK: 0.23 )
Ranked among companies with meaningful Dividend Payout Ratio only.
BK' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.17  Med: 0.3 Max: 0.79
Current: 0.23
0.17
0.79
3-Year Dividend Growth Rate 7.50
BK's 3-Year Dividend Growth Rate is ranked higher than
65% of the 703 Companies
in the Global Asset Management industry.

( Industry Median: 2.90 vs. BK: 7.50 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
BK' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: -26.9  Med: 7.5 Max: 26.4
Current: 7.5
-26.9
26.4
Forward Dividend Yield % 1.76
BK's Forward Dividend Yield % is ranked lower than
82% of the 1426 Companies
in the Global Asset Management industry.

( Industry Median: 4.34 vs. BK: 1.76 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 2.29
BK's 5-Year Yield-on-Cost % is ranked lower than
74% of the 1834 Companies
in the Global Asset Management industry.

( Industry Median: 2.64 vs. BK: 2.29 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
BK' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 1.69  Med: 2.76 Max: 8.02
Current: 2.29
1.69
8.02
3-Year Average Share Buyback Ratio 2.80
BK's 3-Year Average Share Buyback Ratio is ranked higher than
84% of the 991 Companies
in the Global Asset Management industry.

( Industry Median: -1.00 vs. BK: 2.80 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
BK' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -16.9  Med: -1.1 Max: 2.8
Current: 2.8
-16.9
2.8

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 3.54
BK's Price-to-Tangible-Book is ranked lower than
88% of the 1490 Companies
in the Global Asset Management industry.

( Industry Median: 0.99 vs. BK: 3.54 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
BK' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.49  Med: 3.42 Max: 11.2
Current: 3.54
0.49
11.2
Price-to-Intrinsic-Value-Projected-FCF 1.08
BK's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
54% of the 394 Companies
in the Global Asset Management industry.

( Industry Median: 1.14 vs. BK: 1.08 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
BK' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.4  Med: 0.81 Max: 6.26
Current: 1.08
0.4
6.26
Price-to-Median-PS-Value 1.26
BK's Price-to-Median-PS-Value is ranked lower than
69% of the 883 Companies
in the Global Asset Management industry.

( Industry Median: 1.02 vs. BK: 1.26 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
BK' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.21  Med: 1.06 Max: 6.09
Current: 1.26
0.21
6.09
Price-to-Peter-Lynch-Fair-Value 1.69
BK's Price-to-Peter-Lynch-Fair-Value is ranked lower than
70% of the 134 Companies
in the Global Asset Management industry.

( Industry Median: 1.00 vs. BK: 1.69 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
BK' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0.34  Med: 1.57 Max: 4.64
Current: 1.69
0.34
4.64
Price-to-Graham-Number 1.57
BK's Price-to-Graham-Number is ranked lower than
78% of the 999 Companies
in the Global Asset Management industry.

( Industry Median: 0.73 vs. BK: 1.57 )
Ranked among companies with meaningful Price-to-Graham-Number only.
BK' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.29  Med: 1.65 Max: 3.47
Current: 1.57
0.29
3.47
Earnings Yield (Greenblatt) % -125.77
BK's Earnings Yield (Greenblatt) % is ranked lower than
96% of the 1614 Companies
in the Global Asset Management industry.

( Industry Median: 5.40 vs. BK: -125.77 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
BK' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -1538.5  Med: -5 Max: 395.9
Current: -125.77
-1538.5
395.9
Forward Rate of Return (Yacktman) % 12.33
BK's Forward Rate of Return (Yacktman) % is ranked higher than
59% of the 469 Companies
in the Global Asset Management industry.

( Industry Median: 8.10 vs. BK: 12.33 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
BK' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 3.1  Med: 11.2 Max: 21.3
Current: 12.33
3.1
21.3

More Statistics

Revenue (TTM) (Mil) $15,530.00
EPS (TTM) $ 3.38
Beta1.17
Short Percentage of Float1.34%
52-Week Range $39.61 - 55.29
Shares Outstanding (Mil)1,033.16

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 15,838 16,472 17,271
EPS ($) 3.52 3.93 4.37
EPS without NRI ($) 3.52 3.93 4.37
EPS Growth Rate
(Future 3Y To 5Y Estimate)
11.80%
Dividends per Share ($) 0.86 1.02 1.13

Piotroski F-Score Details

Piotroski F-Score: ----
Positive ROAN
Positive CFROAN
Higher ROA yoyN
CFROA > ROAN
Lower Leverage yoyN
Higher Current Ratio yoyN
Less Shares Outstanding yoyN
Higher Gross Margin yoyN
Higher Asset Turnover yoyN

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