BNY Mellon Stock (BNY, Formerly BK): A Custody Bank in Numbers
Michael Whitman
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Trading since 2017, full-time since 2020
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YouTube creator, 137K subscribers
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Published 2026-11-07
BNY Mellon stock is the share of The Bank of New York Mellon Corporation, which has traded on the New York Stock Exchange as BNY since May 21, 2026, after trading as BK. At the November 6, 2026 close of $147.72 it was valued at $99.4 billion and about 16.4 times trailing earnings.
BNY Mellon stock is the share of The Bank of New York Mellon Corporation, and since May 21, 2026 its NYSE ticker has been BNY rather than BK. If an old chart, watchlist or article stops at BK in May 2026, nothing happened to the company; the symbol changed.
The harder question is what you own. BNY lends very little next to a bank like JPMorgan. It mostly holds, settles and services other people’s investments for a fee, and that shows up in its revenue, its ratios and the way the stock moves.
BNY at a glance
Price is the November 6, 2026 close. Earnings, equity and shares come from the 10-Q for the quarter ended September 30, 2026, filed October 30. Custody assets and the capital ratio are from the third-quarter earnings release of October 15, which calls them preliminary.
| measure | value | how it is worked out | as of |
|---|---|---|---|
| share price | $147.72 | NYSE close, ticker BNY | Nov 6, 2026 |
| market value | $99.4 billion | price × 672,898,490 shares | shares at Sep 30, 2026 |
| P/E | 16.4x | price ÷ trailing diluted EPS of $9.03 | Sep 30, 2026 |
| price-to-book | 2.53x | price ÷ book value of $58.43 a share | Sep 30, 2026 |
| dividend yield | 1.71% | $0.63 paid in the quarter × 4 ÷ price | Sep 30, 2026 quarter |
| assets under custody or administration | $63.4 trillion | up 9.7% from $57.8 trillion a year earlier | Sep 30, 2026 |
| CET1 ratio | 10.9% | bank’s own calculation | Sep 30, 2026 |
In 2026 to November 6 the price rose 27.2%, against 7.8% for the S&P 500 and 3.8% for JPMorgan.
The ticker change from BK to BNY
The company announced on May 11, 2026 that its common stock would trade as BNY from May 21. Its two listed preferred issues moved with it, from BK/P to BNY/P and from BK PRK to BNY PRK. The release says the change did not affect the legal name, the capital structure, the CUSIPs or shareholders’ rights, and that holders did not need to do anything.
Two practical points. Price history is not lost: the Yahoo Finance series we used carries the full record under BNY, back to 1973. And the record before July 2007 belongs to The Bank of New York, which merged with Mellon Financial on July 1, 2007; each old Bank of New York share became 0.9434 of a new one, which is why Yahoo’s data shows a 0.9434-for-1 adjustment on July 2, 2007, the first trading day after the merger.
How it works
Custody, in plain words. Pension funds, mutual funds, insurers and central banks need someone to hold their securities safely, settle their trades, collect income and keep the books. BNY does that, along with running cash for clients, clearing trades for brokers and managing money of its own. It is paid mostly in fees, often tied to the value of assets it looks after or the activity it handles.
Lending is a side line. In the first nine months of 2026, BNY earned $3.25 billion of interest and fees on loans. JPMorgan earned $74.43 billion on the same line.
Interest still matters, just less. Clients leave cash with BNY, and it earns interest on that cash and on the securities it buys with it. When rates rose after 2022, that line grew. It is still a quarter of revenue, not half.
Capital works differently too. BNY’s CET1 ratio of 10.9% is lower than JPMorgan’s 13.9%, but its balance sheet is built from client cash and high-grade securities rather than consumer loans, so the two numbers are not a like-for-like safety score.
What drives a custody bank’s results
Market levels. When stock and bond prices rise, the assets BNY services are worth more, and fees linked to them rise with no new clients at all. A falling market does the reverse.
Activity. Trading volumes, new fund launches and client flows feed clearing and settlement fees.
Rates and deposits. Higher rates lift net interest income until clients move cash into higher-yielding products elsewhere, which banks call deposit outflows.
Costs. Technology spending is large. BNY’s release put its pre-tax operating margin at 38.5% in the September 2026 quarter, up from 36.4% a year earlier.
A worked example: what BNY earns per dollar it holds
Every input here is from the third-quarter 2026 release.
- Investment services fees for the quarter: $2,973 million. Annualized: $2,973 million × 4 = $11,892 million.
- Assets under custody or administration: $63.4 trillion.
- Fee rate: $11,892 million ÷ $63.4 trillion = 0.0188%, or 1.88 basis points a year.
- Per $10,000 held: about $1.88 a year.
Those fees cover more than safekeeping, including clearing and treasury services, so this is an average across the whole book, not a price list. It still shows the shape of the business: a tiny charge on a huge base. For scale, $63.4 trillion is about 638 times BNY’s $99.4 billion market value.
The valuation steps, from the 10-Q: trailing EPS = $7.02 (January to September 2026) + $7.40 (2025) − $5.39 (January to September 2025) = $9.03, so P/E = $147.72 ÷ $9.03 = 16.4. Common equity = $43.575 billion total less $4.259 billion preferred = $39.316 billion. Divided by 672,898,490 shares that is $58.43, the same book value the release printed, and $147.72 ÷ $58.43 = 2.53. Our price-to-book and P/E ratio pages explain both ratios.
The original data
How much of revenue comes from interest. For each year from 2010 to 2025, and for the first nine months of 2026, we divided net interest income by net interest income plus noninterest income, both taken from the same SEC XBRL filing (the latest 10-K or 10-Q that reports that period). We ran the same sum for State Street, another custody bank, and for two lenders, JPMorgan and Bank of America. State Street’s tags only line up from 2016.
- BNY ran from 16.4% in 2021, when rates were near zero, to 25.3% in the first nine months of 2026.
- State Street stayed between 16.0% and 22.5% over 2016-2026.
- JPMorgan ran from 43.0% to 56.5%, and Bank of America from 46.7% to 55.4%.
Even at its highest, BNY’s interest share sat well below the lowest year for either lender.
Who BNY moves with. We correlated daily price changes from January 4, 2010 to November 6, 2026, 4,238 trading days. A reading of 1 would mean the two stocks always moved in step.
BNY tracked State Street at 0.83 and Northern Trust at 0.81, ahead of JPMorgan (0.75), Bank of America (0.74), Wells Fargo (0.70) and the S&P 500 (0.70). The gaps are modest. All of these are financial stocks in one market, so they share a lot; custody peers simply share a bit more.
Calendar years, price only:
| year | BNY | State Street | Northern Trust | JPMorgan | Bank of America | S&P 500 |
|---|---|---|---|---|---|---|
| 2022 | −21.6% | −16.6% | −26.0% | −15.3% | −25.6% | −19.4% |
| 2023 | +14.3% | −0.1% | −4.6% | +26.8% | +1.7% | +24.2% |
| 2024 | +47.6% | +26.7% | +21.5% | +40.9% | +30.5% | +23.3% |
| 2025 | +51.1% | +31.4% | +33.3% | +34.4% | +25.1% | +16.4% |
| 2026 to Nov 6 | +27.2% | +28.3% | +26.5% | +3.8% | −10.1% | +7.8% |
In 2026 to November 6 the three custody banks were up 26.5% to 28.3%, while JPMorgan rose 3.8% and Bank of America fell 10.1%. In 2023 JPMorgan led, and two of the three custody banks fell.
Under stress. From its December 24, 2007 high to its March 9, 2009 low, BNY fell 63.8%, against 82.6% for State Street, 60.4% for Northern Trust and 70.1% for JPMorgan. From March 8 to March 31, 2023, the month of the Silicon Valley Bank failure, BNY lost 8.8%, State Street 12.6% and Northern Trust 5.1%, while the S&P 500 gained 2.9%.
Download the data: interest share of revenue and bank stocks under stress, free to reuse with a credit and a link back under the site license.
| Dataset | Covers | Pages citing it | Download |
|---|---|---|---|
| Net interest income as a share of revenue: BNY, State Street, JPMorgan and Bank of America, 2010-2026 | Calendar years 2010-2025 and the first nine months of 2026 (State Street from 2016) | 1 | Interest share of revenue (CSV) |
| JPM, BNY and peer bank stocks under stress, 2007-2026 | JPM, BNY, BAC, WFC, STT, NTRS and the S&P 500 | 0 | Bank stocks under stress (CSV) |
When it fails
Fee businesses are not immune to markets. In 2022 BNY fell 21.6%, more than the S&P 500, even though it lends little. Lower asset values cut fees, and bank stocks were sold as a group.
The interest tailwind can fade. A quarter of revenue now comes from net interest income, the highest share in our 2010-2026 series. If rates fall or clients move cash out, that line shrinks.
Big numbers can hide small fees. $63.4 trillion sounds like a moat, but at under two basis points a year, small price cuts to win or keep large clients matter.
A strong run raises the bar. After gains of 47.6% in 2024 and 51.1% in 2025, a P/E of 16.4 is higher than the 14.0 JPMorgan traded on the same day. A higher multiple leaves more room to fall if growth slows.
Questions people ask
Is BNY the same stock as BK?
Yes. The Bank of New York Mellon Corporation changed its NYSE symbol from BK to BNY on May 21, 2026. The shares, the company and the CUSIPs are the same.
What does BNY Mellon do?
It is a custody bank. It holds and services about $63.4 trillion of other people’s assets, clears and settles trades, manages client cash and runs an asset manager with about $2.2 trillion, as of September 30, 2026.
Why is BNY’s dividend yield lower than many banks'?
The price has risen faster than the payout. The quarterly dividend paid went from $0.53 to $0.63 in the September 2026 quarter, and the board declared $0.63 again on October 15, 2026, payable November 9. At $147.72 that is a 1.71% yield. Our dividend yield page explains the sum.
Do interest rates matter for BNY?
Less than for a lender, but yes. Net interest income was 25.1% of revenue in the September 2026 quarter, up from 16.4% of the year in 2021.
Related
For the lenders and investment banks valued side by side, see bank stocks, and for the biggest of those lenders on its own, JPMorgan stock. The ratios used here are on price-to-book, P/E ratio and market cap. Ticker basics are on ticker symbol, and if you hold financial stocks through a fund, sector funds explains the concentration.
This page is educational, not financial advice. Test every idea on your own charts before risking money.