From StockNews.com: Bank of New York Mellon Corp (NYSE:BK) early Thursday posted mixed fourth quarter earnings results, but its all-important assets under management continued to grow.

The New York City-based investment manager reported Q4 EPS of $0.77, which matched Wall Street expectations of $0.77. Revenues rose 1.7% from last year to $3.79 billion, falling short of analysts’ $3.86 billion view.

For the full year 2016, earnings rose 12% to $3.43 billion from $3.05 billion in 2015.

BNY noted that assets under custody and/or administration (AUC/A) gained 3% from last year to $29.9 trillion in Q4. Meanwhile, assets under management (AUM) rose 1% to $1.65 trillion. Both of those numbers were negatively impacted by a stronger dollar.

The company commented via press release:

“We delivered strong fourth-quarter results, capping another year of solid execution against our three-year strategic plan. For full-year 2016, our earnings per share increased significantly as we delivered a strong return on capital. In the fourth quarter, we also generated substantial positive operating leverage, as the Investment Services business performed well and our business improvement process helped reduce structural costs,” Gerald L. Hassell, chairman and chief executive officer, said.

Bank of New York Mellon Corp shares were up slightly in premarket trading Thursday. Year-to-date, BK has declined -2.43%, versus a +1.44% rise in the benchmark S&P 500 index during the same period.

BK currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #2 of 34 stocks in the Asset Management category.

This article is brought to you courtesy of StockNews.com.

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