BK - The Bank of New York Mellon Corporation
35.67 +1.17 (3.39%)
Pre-Market: 9:06AM EDT
Chart Events
Momentum
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 34.98 |
| Open | 35.06 |
| Bid | 35.75 x 1200 |
| Ask | 37.00 x 800 |
| Day's Range | 34.30 - 35.06 |
| 52 Week Range | 26.40 - 51.60 |
| Volume | 5,236,437 |
| Avg. Volume | 7,382,030 |
| Market Cap | 30.548B |
| Beta (5Y Monthly) | 1.10 |
| PE Ratio (TTM) | 7.45 |
| EPS (TTM) | 4.63 |
| Earnings Date | Jul 15, 2020 |
| Forward Dividend & Yield | 1.24 (3.59%) |
| Ex-Dividend Date | Apr 27, 2020 |
| 1y Target Est | 42.87 |
Fair Value
Related Research
- Analyst Report: Bank of New York Mellon Corp
- Market Update: BK, CMG, PCAR, HAL, KMB, KSS, PM, RF, SAP
- Motley Fool
Is Bank of New York Mellon a Buy?
Bank of New York Mellon (NYSE: BNY) is not your typical bank in that it is not a commercial bank that relies on loans for income, or an investment bank that facilitates mergers and acquisitions, among other roles. BNY Mellon is a custody bank, which means it holds and safeguards financial assets for primarily large institutional clients, such as mutual fund companies and pensions. BNY Mellon is the largest custody bank in the country with $35 trillion in assets under custody, ahead of its main competitor State Street (NYSE: STT).
- PR Newswire
BNY Mellon to Report Second Quarter 2020 Results on July 15, 2020
BNY Mellon will report financial results for the second quarter 2020 on Wednesday, July 15, 2020. Materials will be posted to BNY Mellon's website at approximately 6:30 a.m. EDT, and management will host a conference call and simultaneous live audio webcast at 8 a.m. EDT that same day. This conference call and audio webcast will include forward-looking statements and may include other material information.
- PR Newswire
BNY Mellon Announces Redemption of Floating Rate Senior Bank Notes Due 2021
The Bank of New York Mellon Corporation ("BNY Mellon") today announced that The Bank of New York Mellon, its wholly-owned subsidiary, will redeem all of the issued and outstanding Floating Rate Senior Bank Notes due June 4, 2021 (CUSIP 06405LAB7) (the "Notes"). The Notes have an aggregate principal amount of $1,250,000,000.
- PR Newswire
BNY Mellon Investment Management Launches BNY Mellon Investor Solutions
BNY Mellon Investment Management, one of the world's largest investment firms and a leading U.S. wealth manager, announced today the launch of BNY Mellon Investor Solutions, an SEC-registered investment adviser that offers comprehensive portfolio management and investment advisory services for investors worldwide seeking outsourced investment management.
- PR Newswire
BNY Mellon Wealth Management Names Steve Kutz as Regional President in Los Angeles, CA
BNY Mellon Wealth Management has named Steve Kutz as a Regional President in Los Angeles, CA. In this role, he will oversee all aspects of the Wealth Management business in greater Los Angeles, including advisory, investments, fiduciary, private banking, and marketing. Steve will be based in Los Angeles, CA and will report directly to West Regional President Rob Kricena.
- PR Newswire
BNY Mellon Wealth Management Names Elizabeth Luk as Head of BNY Mellon Trust of Delaware
BNY Mellon Wealth Management has named Elizabeth Luk as Head of BNY Mellon Trust of Delaware, which administers trusts for fiduciary clients where BNY Mellon Trust of Delaware serves as sole trustee, co-trustee, or directed trustee. Elizabeth will be based in Greenville, DE and will report directly to Ben McGloin, Head of Advice, Planning and Fiduciary Services.
- PR Newswire
BNY Mellon Wealth Management Names Dan Steinberg as Senior Wealth Manager in Newport Beach, CA
BNY Mellon Wealth Management has named Dan Steinberg as a Senior Wealth Manager. In this role, he will be responsible for advising high-net-worth clients and family offices. Based in Newport Beach, CA, Dan will report directly to Managing Director, Chad Johnsrud.
- PR Newswire
Median Total Master Trust Return Negative in Q1 2020 According to BNY Mellon U.S. Master Trust Universe
The BNY Mellon U.S. Master Trust Universe returned a median -10.9% in the first quarter of 2020, reversing the trend of positive quarterly performance throughout 2019.
- PR Newswire
BNY Mellon to Speak at the Bernstein Annual Strategic Decisions Conference
Thomas P. Gibbons, Chief Executive Officer, will speak at the Bernstein Annual Strategic Decisions Conference, held virtually, at 8:00 a.m. ET on Friday, May 29, 2020. The discussion may include forward-looking statements and other material information.
- GuruFocus.com
Tweedy Browne Sells Baidu, Berkshire Hathaway
Firm's largest sales of the 1st quarter Continue reading...
- PR Newswire
BNY Mellon Announces Pricing of Public Offering of $1 Billion of Depositary Shares Representing Interests in Preferred Stock
BNY Mellon (NYSE: BK) today announced that it priced an underwritten public offering of 1,000,000 depositary shares, each representing a 1/100th interest in a share of its Series G Noncumulative Perpetual Preferred Stock, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), at a public offering price of $1,000 per depositary share ($1 billion aggregate public offering price). Dividends will accrue on the liquidation amount of $100,000 per share of the Series G preferred stock at a rate per annum equal to 4.700% from the original issue date to, but excluding, September 20, 2025; and from, and including, September 20, 2025, at the "five-year treasury rate" (as defined in the preliminary prospectus supplement) as of the most recent reset dividend determination date plus 4.358%. Dividends will be paid only when, as and if declared by the board of directors of BNY Mellon (or a duly authorized committee of the board) and to the extent that BNY Mellon has legally available funds to pay dividends. On September 20, 2025, or any dividend payment date thereafter, the Series G preferred stock may be redeemed at BNY Mellon's option, in whole or in part, at a cash redemption price equal to $100,000 per share (equivalent to $1,000 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends to, but excluding, the redemption date. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and BNY Mellon Capital Markets, LLC served as joint book-running managers for the offering; Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC served as joint lead managers for the offering. The offering is expected to close on May 19, 2020.
- Simply Wall St.
The Bank of New York Mellon Corporation Just Recorded A 17% EPS Beat: Here's What Analysts Are Forecasting Next
The Bank of New York Mellon Corporation (NYSE:BK) investors will be delighted, with the company turning in some strong...
- Moody's
Weser Funding S.A., Compartment No. 2 -- Moody's assigns definitive ratings to SME ABS notes issued by Weser Funding S.A., Compartment No. 2
Moody's has not assigned ratings to the subordinated notes. The initial portfolio amounts to EUR1,100.0mn and is intended to be increased to EUR 1,300.0mn ("Total Transaction Amount") by end of December 2020. As of the closing date, the Issuer issued an initial amount of class A notes equal to EUR 726.7mn, a class B note of EUR 52.6mn and the subordinated note of EUR 328.8mn (whereby EUR 320.7mn financing the portfolio, the remaining amount financing the reserves) in order to fund (i) the initial portfolio of EUR 1,100.0mn and (ii) the EUR 6.0mn cash reserve and the EUR 2.08mn initial commingling reserve.
- PR Newswire
BNY Mellon Wealth Management Names Camille Alexander as Regional President in Washington, D.C.
BNY Mellon Wealth Management has named Camille Alexander, CFA, as a Regional President in Washington, D.C. She will be responsible for all aspects of Wealth Management product, service, and sales delivery, reporting directly to Regional President, Central Region, Andrew Paterson.
- Business Wire
AM Best Affirms Credit Ratings of BNY Trade Insurance, Ltd. and The Hamilton Insurance Corp.
AM Best has affirmed the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings of "a+" of BNY Trade Insurance, Ltd. (BNY Trade) (Hamilton, Bermuda) and The Hamilton Insurance Corp. (Hamilton) (Melville, NY). The outlook of these Credit Ratings (ratings) remains stable.
- PR Newswire
BNY Mellon Wealth Management Names Myriam Soto as Head of International Wealth Planning and Fiduciary Services
BNY Mellon Wealth Management has named Myriam Soto as Head of International Wealth Planning and Fiduciary Services. In this role, she will be responsible for the delivery of multi-jurisdictional wealth planning and fiduciary services, as part of our Active Wealth approach to serving global clients. Myriam will report directly to Head of International Wealth Management, Charles Long.
- Moody's
Long Island Power Authority -- Moody's affirms LOC backed P-1 rating of Long Island Power Authority Electric System Revenue Notes, Series 2015 GR-3A and 2015 GR-3B
Moody's Investors Service (Moody's) has affirmed the P-1 letter of credit-backed ratings of Long Island Power Authority ("LIPA") Electric System General Revenue Notes, Series 2015 GR-3 consisting of Series 2015 GR-3A (Taxable) and Series 2015 GR-3B (Tax-Exempt) (collectively the Notes) in connection with the issuance of a substitute letter of credit (LOC) to be provided by Bank of America, N.A. (the Bank). Upon the effective date of the substitute LOC, currently schedule for April 30, 2020, the rating on the Notes is based upon the LOC provided by the Bank; the structure and legal protections of the transaction which provide for timely payment of principal and interest to Note holders; and, Moody's evaluation of the credit quality of the Bank issuing the LOC. Moody's current short-term counterparty risk assessment (CR Assessment) of the Bank is P-1(cr).
- Moody's
Long Island Power Authority, Electric System General Revenue Notes, Series 2015 GR-1, GR-2, GR-3 , GR-4, GT-5 & GR-6, $775MM -- Moody's affirms LOC backed P-1 rating of Long Island Power Authority Electric System Revenue Notes, Series 2015 GR-3A and 2015 GR-3B
Moody's Investors Service (Moody's) has affirmed the P-1 letter of credit-backed ratings of Long Island Power Authority ("LIPA") Electric System General Revenue Notes, Series 2015 GR-3 consisting of Series 2015 GR-3A (Taxable) and Series 2015 GR-3B (Tax-Exempt) (collectively the Notes) in connection with the issuance of a substitute letter of credit (LOC) to be provided by Bank of America, N.A. (the Bank). Upon the effective date of the substitute LOC, currently schedule for April 30, 2020, the rating on the Notes is based upon the LOC provided by the Bank; the structure and legal protections of the transaction which provide for timely payment of principal and interest to Note holders; and, Moody's evaluation of the credit quality of the Bank issuing the LOC.
- Yahoo Finance
Warren Buffett: 'The progress of mankind has been incredible'
Warren Buffett, chairman and CEO of Berkshire Hathaway, has been a consistent voice of optimism on the U.S. economy and American innovation.
- Bloomberg
JD Is Said to File for $2 Billion Hong Kong Second Listing
(Bloomberg) -- Chinese e-commerce giant JD.com Inc. has filed confidentially for a second listing in Hong Kong, according to people with knowledge of the matter, joining rival Alibaba in tapping the city’s stock market for funds.The offering could raise at least $2 billion, the people said, asking not to be identified because the information is private. The Beijing-based company, which currently trades on Nasdaq, has a market value of $64 billion.The deal comes after Alibaba Group Holding Ltd. raised $13 billion in a Hong Kong share sale last year. That much larger deal was hailed as a homecoming for Chinese companies and a win for Hong Kong Exchanges & Clearing Ltd., which lost these deals to its U.S. counterparts a decade ago because it didn’t allow dual-class share voting at the time. The bourse, which relaxed the rule in 2018, was up as much as 2.4% Wednesday.JD’s listing could come as early as the second half of the year, according to one of the people. Deliberations are ongoing and the size of the offering could still change, the people said. A representative for JD.com didn’t immediately respond to requests for comment.Read more: JD’s Retail Chief Takes Lead as Billionaire Founder RecedesWhat Bloomberg Intelligence SaysJD.com’s potential Hong Kong secondary listing may help to narrow its valuation gap with global e-commerce peers such as Amazon and Alibaba. Alibaba’s market value increased by more than 20% within two months of its Hong Kong listing in November, as its offering attracted domestic investors who are also its customers.\- Vey-Sern Ling and Tiffany Tam, analystsClick here for the research.JD’s decision comes after the Chinese online retailer’s forecast for at least 10% revenue growth in the March quarter suggested its business was proving more resilient to the epidemic than anticipated.It may fare better than its peers because it employs a direct-to-consumer sales and in-house logistics model that may prove more resilient to short-term disruptions than platforms that connect merchants with buyers, some analysts say. Away from the outbreak, JD continues to win more consumers from smaller Chinese cities and towns, while demand for the electronics it depends on should rebound after the outbreak subsides.The company’s shares slid 4.4% Tuesday, but have risen more than 23% this year while the S&P/BNY Mellon China ADR Index, which tracks U.S.-listed Chinese companies, is down 5.2% during the same period. IFR Asia reported earlier Tuesday that the company had filed for a Hong Kong listing confidentially.(Updates with analyst’s comment in the fifth paragraph. A previous version of the story was corrected to reflect HKEx’s full name in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Insider Monkey
Were Hedge Funds Right About The Bank of New York Mellon Corporation (BK)?
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
- Bloomberg
Maybe a 24% Yield Was Right for Junk Energy Bonds
(Bloomberg Opinion) -- At one point last week, traders who bought high-yield energy bonds during the darkest days of the market’s sell-off had to be nothing short of giddy at their good fortune. In just three weeks, from March 24 to April 14, an index of junk debt from companies in oil field services, midstream and refining had surged more than 30% — a staggering rally that if stretched out over a year would translate to a 10,500% windfall.Markets rarely move in a straight line, of course, and indeed the gains flatlined toward the end of the week. Still, those investors who snapped up speculative-grade energy bonds at 24% yields were sitting on a tidy profit in the short term and amassed a seemingly large buffer for losses in the longer run. As of Friday, the average yield on the Bloomberg Barclays High Yield Energy Total Return Index tumbled almost 900 basis points from that peak to about 15%.Those yield hunters might want to book their gains and run, judging by the latest swings in the oil markets.West Texas Intermediate crude oil fell more than 40% on Monday to less than $11 a barrel, the biggest one-day drop since the contract began trading in 1983 and the lowest level since 1986. The WTI contract for May expires Tuesday and is more than $10 a barrel cheaper than the one for June, wider than the record $8.49 difference set in December 2008. A a fast-growing glut of oil is causing traders to shift their positions rapidly to June so they don’t have to take deliveries of cargoes given the lack of space to store them. As Bloomberg News’s Alex Longley put it, there are signs of weakness everywhere:Buyers in Texas are offering as little as $2 a barrel for some oil streams, raising the possibility that producers may soon have to pay to have crude taken off their hands. China reported its first economic contraction in decades on Friday, an indication of what’s to come in other major economies that have yet to emerge from coronavirus-driven lockdowns.“There is no limit to the downside to prices when inventories and pipelines are full,” commodities hedge fund manager Pierre Andurand said on Twitter. “Negative prices are possible.”Already, those who tried to call the oil-price bottom through energy exchange-traded funds are getting burned. As Bloomberg’s Katherine Greifeld noted, the United States Oil Fund LP (ticker: USO) plunged more than 10% on Monday, burning investors who added a whopping $1.6 billion into the $4.3 billion fund last week — the biggest weekly inflow ever.Guess what other asset class just experienced record demand? That would be U.S. junk-bond funds, which reported an unprecedented $7.66 billion inflow for the week ended April 15, according to Refinitiv Lipper data. It broke the previous high-water mark of $7.09 billion set in the period through April 1.Now, the sudden revival in high-yield debt goes beyond just the energy sector. Most prominently, the Federal Reserve announced on April 9 that its corporate-bond facilities would extend purchases to “fallen angels” that recently lost their investment grades, alleviating some fears that the speculative-grade ranks would be inundated with supply. That helped thaw the primary market for junk-rated companies to raise cash and avert an imminent reckoning.Still, there’s evidence that junk energy bonds, which faced the steepest sell-off and therefore offered the highest yields, benefited disproportionately from the overall bounce-back in risky debt. Here’s a chart from John Velis, an FX and macro strategist at BNY Mellon:The blue diamonds show the depth of losses from Feb. 24 through March 16 and the gray bars show the total return since that date. Clearly, high-yield energy bonds were pummeled more than the rest of the market and remain the worst-performing segment, but they’ve bounced back significantly from their lows, too. “We wonder if the HY energy sector is too sanguine about stability and subsequent recovery prospects in high-yield energy bonds,” Velis wrote in a note Monday.He’s hardly alone. Morgan Stanley strategists Brian Gibbons and Mackenzie Schneider wrote Monday that they “continue to see low asset values and recovery rates across the sector at the current commodity strip.” The most optimistic point was that “companies with strong liquidity and longer maturity runways have a greater chance of making it through the downturn to a higher price environment, although pricing that optionality is challenging.” To their point, double-B rated energy bonds gained the most last week, while those rated triple-C dipped even lower to roughly 20 cents on the dollar.Bank of America Corp. strategists went even further, arguing that high-yield bond spreads as a whole don’t fully reflect default risk. They expect a 21% cumulative junk-debt default rate over the full cycle, from 11% for double-Bs to 50% in triple-Cs, and a 9% rate over the next 12 months. By their calculation, that suggests yields should be 950 basis points more than Treasuries to compensate for the risk, rather than the current 705-basis-point spread. Similarly, the latest lurch lower in oil prices suggests the peak yield of 24% for high-yield energy bonds might have been closer to the appropriate level after all. The cost to insure against defaults from Diamond Offshore Drilling, Transocean and Chesapeake Energy over the next five years surged on Monday by more than just about all other companies in Markit’s high-yield credit-default swap index. That’ll soon make its way into bond pricing.It’s worth remembering that sometimes bonds look cheap for a reason. As my Bloomberg Opinion colleague Liam Denning put it in his assessment about the future of the energy industry, “Covid-19 is like a fever dream of all the pressures that were bearing down on oil already.” Fortunately for traders who went bottom-fishing for speculative-grade energy bonds in the eye of a market storm, they still have time to wake up to reality before their blockbuster returns are swiftly washed away.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Thomson Reuters StreetEvents
Edited Transcript of BK earnings conference call or presentation 16-Apr-20 12:00pm GMT
Q1 2020 Bank of New York Mellon Corp Earnings Call
- Simply Wall St.
Results: The Bank of New York Mellon Corporation Exceeded Expectations And The Consensus Has Updated Its Estimates
A week ago, The Bank of New York Mellon Corporation (NYSE:BK) came out with a strong set of quarterly numbers that...
- Reuters
AT&T investors denied a dial-in as annual meeting goes online
Activist investors say telecommunications pioneer AT&T Inc won't take their calls for its upcoming annual meeting, reinforcing their concerns that the shift of the gatherings to cyberspace due to the COVID-19 pandemic would restrict shareholder input. The activists, including a retired AT&T employee and a high-profile private shareholder, both said AT&T rejected their efforts to present proxy resolutions at the April 24 event. The activists and several corporate governance specialists said it was the first time they knew of a company barring investors from introducing their resolutions in some manner.
