KBW Maintains Market Perform on Bank of New York Mellon

KBW is out with its report today on Bank of New York Mellon (NYSE: BK), maintaining Market Perform.

In a note to clients, KBW writes, "Overall, earnings were roughly in line with our expectations as in-line operating revenues were offset by higher expenses. While revenue growth and new business trends remained positive, BK continues to face headwinds in translating this into better EPS growth. We lowered our 2011 EPS to reflect 2Q results. No change to 2012/2013 estimates, price target or Market Perform rating."

Shares of BK closed Tuesday at $24.73, up 0.37% from Monday's close.