Why BNY Stock Price Hit a Record High Friday While Other Bank Stocks Fell

Shares of Bank of New York Mellon, now known simply arsenic BNY (BK), deed an all-time precocious Friday aft nan slope posted better-than-expected results and raised its dividend.

The institution reported 2nd 4th adjusted net per stock (EPS) of $1.51, pinch gross rising 2% to $4.6 billion. Both were supra estimates.

Total interest gross accrued 3% to $3.4 billion, which BNY said was chiefly driven by “higher marketplace values, nett caller business, higher overseas speech gross and higher customer activity.” Investment services fees climbed 5% to $2.4 cardinal connected accrued customer activity successful its fixed income and equity trading business.

BNY’s net liking income fell 6% to $1.03 billion, which it explained reflected changes successful its equilibrium expanse mix.

CEO Robin Vince pointed to nan interest maturation and “continued disbursal discipline” for nan coagulated results.

He added that pursuing nan Federal Reserve’s June stress test, nan committee agreed to boost nan quarterly dividend to $0.47 from $0.42, opening this quarter. The slope said that nan caller dividend will beryllium paid connected August 2 to shareholders of grounds astatine nan adjacent of business connected July 22.

BNY shares, which were among nan large gainers connected nan S&P 500 Friday, were up 5.1% astatine $64.62 successful mid-afternoon trading. The banal has gained astir 25% since nan commencement of nan year.

The beardown capacity of BNY shares stood successful crisp opposition to that of JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C), each of which saw their stocks diminution aft reporting net Friday morning.