|Bid||25.17 x 800|
|Ask||25.23 x 900|
|Day's Range||25.12 - 25.28|
|52 Week Range||21.83 - 25.72|
|Beta (3Y Monthly)||0.02|
|PE Ratio (TTM)||6.49|
|Forward Dividend & Yield||1.30 (5.21%)|
|1y Target Est||N/A|
Now that the nation’s largest custodial bank is backing a marijuana exchange-traded fund, the trickle-down implications are huge, local money managers say. BNY Mellon is serving as custodian, administrator and transfer agent for AdvisorShares Pure Cannabis ETF. Major financial institutions in the U.S. are struggling to balance the demand of institutional and mom-and-pop investors alike while federal laws still categorize cannabis as an illegal drug.
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"One hundred percent, we will continue to grow here," WeWork exec tells the Business Journal. "I still feel like in Nashville, we are just scratching the surface." (The company has racked up 224,000 square feet of Nashville office space)
Interest expense and low volatility led to issues in the first quarter, and pose a continuing threat to earnings in the months to come.
'They’ll have to take a sharper pencil to expenses' — and the biggest cost for banks is personnel.
on Wednesday reported a drop in net income and per-share earnings from a year ago on weaker revenue from interest income and the firm's investment management business. BNY Mellon said it earned $910 million, or 94 cents a share, in the quarter ended March 31, down from $1.14 billion, or $1.10 a share, in the comparable year-earlier period. Total revenue dropped 7% to $3.9 billion from $4.18 billion a year earlier.
The U.S. Federal Reserve in March did an about-turn on its campaign to raise interest rates and now sees no hikes this year on risks to the economy from a global slowdown. The bank, which gets bulk of its revenue from managing money of clients such as big banks and hedge funds, said it expects second-quarter net interest revenue to fall between 3 percent and 5 percent, from the prior quarter. Net interest revenue fell 8.5 percent to $841 million in the first quarter from a year earlier.
Earlier, the bank reported earnings per share, net interest margin and revenues that missed analysts’ expectations, and Chief Executive Officer Charlie Scharf warned the yield curve would hurt revenue for several quarters to come. Weak revenue overwhelmed the bank’s management of expenses, Credit Suisse’s Susan Roth Katzke wrote in a note. Net interest income, or NII, and fees were both short of forecast, she said, adding that NII was hit by continued deposit run-off.
The company said even though there was less chance of future hikes in interest rates, there has been no decline in competition for deposits. "Competition for deposits is still high, and we expect that the rate paid on interest-bearing deposits will increase a little," BNY Chief Financial Officer Michael Santomassimo said during the bank's post-earnings conference call with analysts.
A significant amount of contiguous office space has opened up in Maitland as a Little Rock communications company leaves. Windstream Holdings Inc. is parting ways with its roughly 48,000 square feet of office space at 2301 Lucien Way, known as Maitland Colonades, at an undisclosed time, said John Gilbert, managing director with JLL (NYSE: JLL), who is handling leasing for the space. The vacating of space comes as the company filed for Chapter 11 bankruptcy on Feb. 25.
Bank of New York Mellon Corp. — a Fortune 500 company and one of the largest investment management firms in the world — wants to bring its separate local offices together into one space in Central Florida, sources told Orlando Business Journal. The New York-based bank (NYSE: BK) has more than 200,000 square feet of space between a pair of buildings and is looking to consolidate space in Lake Mary, sources said. It's unknown how much square feet the bank ultimately will occupy in Central Florida, but it may be one of the larger office real estate moves this year in the Orlando area.
This Wednesday CEOs of the nation’s largest banks CEOs — headlined by the JPMorgan CEO— will testify before the House Committee on Financial Services.
The Fed has a reputation for near-unanimous decisions on everything. But recent regulatory changes show that there is a diversity of opinion coming from one outspoken Fed governor.
CEOs from the big banks will head to Capitol Hill to testify before the House Committee of Financial Services on Wednesday.
The New York-based startup has attracted some big-name supporters, including Goldman Sachs Group Inc.
The Third Avenue Value Fund (Trades, Portfolio), part of the late Martin Whitman's Third Avenue Management (Trades, Portfolio), disclosed it established one new position and exited four others when it released its first-quarter 2019 portfolio. Warning! GuruFocus has detected 3 Warning Signs with XSWX:RIGN. The portfolio managers seek opportunities in companies that are not only trading below intrinsic value, but compound asset value at double-digit rates.
"October lived up to its scary reputation—the S&P 500 falling in the month by the largest amount in the last 40 years, the only worse Octobers being '08 and the Crash of '87\. For perspective, there have been only 5 occasions in those 40 years when the S&P 500 declined by greater than 20% from […]
Bank of New York Mellon Corp NYSE:BKView full report here! Summary * Perception of the company's creditworthiness is negative * Bearish sentiment is low * Economic output in this company's sector is expanding Bearish sentimentShort interest | PositiveShort interest is low for BK with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Money flowETF/Index ownership | NeutralETF activity is neutral. ETFs that hold BK had net inflows of $2.04 billion over the last one-month. While these are not among the highest inflows of the last year, the rate of inflow is increasing. Economic sentimentPMI by IHS Markit | PositiveAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is strong relative to the trend shown over the past year. Credit worthinessCredit default swap | NegativeThe current level displays a negative indicator. BK credit default swap spreads are near their highest levels for the past 1 year, which indicates the market's more negative perception of the company's credit worthiness.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
In November, the bank had told its staff it might alter their ability to work from home. "We have not been clear enough about our principles and that has resulted in inconsistent implementation across the company," CEO Charlie Scharf wrote in an email to employees on Wednesday.
The CEOs of America's largest banks testify on Capitol Hill about how the industry has transformed in the 10 years following the financial crisis. Bank of New York Mellon Chariman and CEO Charles Scharf delivers his opening statement to the House Financial Services Committee.