|Bid||40.10 x 1000|
|Ask||0.00 x 1800|
|Day's Range||46.23 - 47.20|
|52 Week Range||40.52 - 54.27|
|Beta (3Y Monthly)||1.05|
|PE Ratio (TTM)||12.06|
|Earnings Date||Oct 16, 2019|
|Forward Dividend & Yield||1.24 (2.64%)|
|1y Target Est||46.42|
NEW YORK , Sept. 23, 2019 /PRNewswire/ -- BNY Mellon today announced that it has expanded the firm's ESG Analytics offering by integrating fixed income scoring for corporate bonds. BNY Mellon clients now ...
(Bloomberg) -- Follow @Brexit, sign up to our Brexit Bulletin, and tell us your Brexit story. The pound pulled back from a two-month high as Ireland warned a Brexit deal is not close, calming a rally sparked by optimism from European Commission President Jean-Claude Juncker.The currency halted two weeks of gains after Irish Foreign Minister Simon Coveney said the “mood music” has improved yet there is still “quite a wide gap” between the U.K. and European Union. Sterling had been closing in on its longest run of weekly increases since January after Sky News reported Thursday that Juncker thinks a deal can be reached by the Oct. 31 deadline.Pound traders are hanging on every word from both sides as they try to ascertain if an economically damaging crash-out scenario can be averted. Negotiations around Brexit have been stuck for months with little sign of movement as the October deadline looms for the U.K. to leave the EU.“The pound could have more to gain on the upside over the short-term,” said Derek Halpenny, the head of markets research at MUFG, adding the bank remained skeptical until it hears supportive comments from Brussels on any U.K. proposals. “We certainly have to acknowledge there might be something in this but equally this could so easily be much ado about nothing.”The pound was down 0.2% at $1.2501 by 13:12 p.m. in London, after touching the highest since July 15. It’s the best performer among peers this month, with a 2.9% rally.The positive noise around efforts to forge a deal for now is just rhetoric that can be interpreted either way. Juncker himself said Wednesday that a risk of a no-deal Brexit was “palpable.”’It’s “really unclear as to where things actually stand,” said Brendan McKenna, a foreign-exchange strategist at Wells Fargo Securities in New York.Sterling could rise 5% if a deal is clinched, or tumble to parity with both the dollar and the euro if the U.K. crashes out of the bloc, according to Shamik Dhar, chief economist at BNY Mellon Investment Management.(Updates throughout.)\--With assistance from Alyce Andres and Flavia Krause-Jackson.To contact the reporters on this story: Anooja Debnath in London at firstname.lastname@example.org;Susanne Barton in New York at email@example.comTo contact the editors responsible for this story: Paul Dobson at firstname.lastname@example.org, William ShawFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK , Sept. 18, 2019 /PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY Mellon") and Bloomberg today announced a strategic alliance that further integrates BNY Mellon's data, ...
(Bloomberg Opinion) -- There’s still plenty of time for things to go off the rails, but 2019 is shaping up to be one of those rare years when the global stock, bond, commodities and foreign-exchange markets are all poised to deliver positive returns. The last time that happened was in 2010. Investors say three things would keep the good times rolling; unfortunately, two of those items are unlikely to happen, starting with the Federal Reserve’s monetary policy decision on Wednesday.The latest monthly survey of global fund managers by Bank of America Merrill Lynch found that German fiscal stimulus, a 50-basis-point rate cut by the Fed and Chinese infrastructure spending would be the most bullish policies for risk assets over the next six months. But the famously austere Germans look hesitant to fend off a slowdown in Europe’s largest economy just by spending. Finance Minister Olaf Scholz said last week that Germany would stick to a balanced budget, but was ready to act in moments of crisis. As for the Fed, the odds that policy makers on Wednesday will announce a half-point cut in their target rate for overnight loans between banks instead of a quarter-point reduction has shrunk to less than 15% from more than 40% last month. This follows a string of data showing that, thanks to the consumer, the U.S. economy is holding up pretty well amidst the ongoing trade war with China. There are even some economists and strategists, such as those at Brown Brothers Harriman, who say the Fed maybe doesn’t need to lower rates at all this time. The most likely scenario is that the central bank will ease monetary policy on Wednesday, while saying any further loosening will depend on the data, which is something that isn’t exactly priced into markets. “There is a risk that absent a strong signal that the Fed is clearly at the beginning of a sustained easing cycle, we could see some disappointment,” BNY Mellon strategist John Velis wrote in a research note Tuesday.So if the Germans and the Fed disappoint, that leaves the heavy lifting to China. Here, though, there is some good news. Bloomberg News reported last month that China is considering allowing provincial governments to issue more bonds for infrastructure investment. Policy makers may raise the annual quota for so-called special bonds from the current level of 2.15 trillion yuan ($305 billion), Bloomberg News reported, citing people familiar with the situation who asked not to be named as the matter wasn’t yet public.OIL MARKETS HAVE A DEEP THROATOne day after soaring almost 15% following an attack that wiped out about half of Saudi Arabia’s output capacity, oil plunged as much as 7% as Reuters reported the kingdom’s output will be fully back on line in the next two to three weeks, which is much sooner than the months some expected it would take. No matter that Reuters cited one unidentified Saudi source who was briefed on the timeline – traders wanted to believe. It helped that Saudi officials later confirmed that at least one of the damaged facilities will be back to producing oil at pre-attack levels by the end of the month. However, oil traders might be wise to be a bit more skeptical. It’s not crazy to think that Saudi officials would want to downplay the success of the strikes at a time when its military is getting a lot of criticism for not detecting and stopping whatever it was that crippled the facilities. “We flip from worst case scenario to best case scenario in less than 24 hours,” John Kilduff, a partner at Again Capital LLC, told Bloomberg News. “We still need damage assessments and what it takes for those repairs.”CAN’T SPELL FUNDING WITHOUT ‘FUN’The repurchase, or repo, market went haywire for a second straight day on Tuesday, forcing the Fed to inject billions of dollars of cash into the system for the first time in a decade to temper a surge in short-term rates. All of this sounds concerning, especially since the financial crisis was partly exacerbated by a seizing up of the funding market. But that’s not what’s happening here. Market participants say the spike in short-term rates is a result mainly of a confluence of technical events, including the sudden withdrawal of cash from money-market funds by companies needing to pay taxes. But there are still reasons to be concerned. The first is that this all comes with the new York Fed still without a formal head of its markets group following the abrupt departure of the widely respected Simon Potter earlier this year. The implication is that if Potter were still around, traders at the central bank might have been better prepared to handle any unforeseen stresses in funding markets. The second reason for concern is that the move in the repo market has definitely had some knock-on effects, especially in overnight bank funding costs. Those reached 45 basis points Monday before easing to 41.9 basis points Tuesday, levels that are more in line with times of broad market turbulence. Bank earnings are already under pressure from a flat yield curve, and this spike in funding cost won’t help, which may explain why the KBW Bank Index fell the most in more than two weeks on Tuesday.SHAKING THE BEARS OUTTo say it hasn’t been a good month for the U.S. Treasury market would be an understatement. The Bloomberg Barclays U.S. Treasury Index was down 1.96% in September through Monday, putting the benchmark on track for its worst monthly performance since it dropped 2.67% in November 2016 following President Donald Trump’s election victory. The swift decline has many wondering whether the bond market is at the beginning of a sustained turn for the worse. The evidence, though, suggests the move has been more about positioning than anything fundamental. That is seen in the Bank of America survey. For the second straight month, it found that being “long” Treasuries was the most crowded trade in global markets, followed by being “long” technology and growth stocks and being “long” gold. So, with so many investors and traders leaning one way, it doesn’t take much for a move in the opposite direction to force traders to rebalance. On the positive side, JPMorgan Chase & Co.’s widely followed weekly survey of bond traders released on Tuesday suggested that the sell-off may be ending. Its index tracking clients who are “short” is back near its lowest level since 2016, suggesting all those who want to bet against the bond market have already done so.EARNINGS DON’T MATTERThe latest Bloomberg News survey of where Wall Street strategists expect the S&P 500 to end the year came out on Tuesday, and the results confirm just how reliant equities are on low interest rates. It’s not so much that strategists see the S&P 500 ending the year at 3,000, or little changed from current levels; it’s that they expect equities to be resilient in the face of ever lower profit forecasts. They now forecast 2019 earnings per share of $166.35 for the gauge, down from their estimate of $172.25 at the start of the year. Also back then, the strategists we’re only expecting the S&P 500 to end the year at 2,913. So they’ve raised their forecasts for how high the index will go while also cutting their earnings estimates. That may seem counter-intuitive, until you consider that simple discounted cash-flow analysis shows how lower rates make future earnings more valuable now, justifying higher multiples for equities even without profit growth. So, logic would dictate that the lower rates go, the better for equities. This makes Wednesday’s Fed meeting all the more important for equities, especially with the S&P 500 trading at about 18.2 times this year’s expected earnings, which is the highest since January 2018.TEA LEAVESA big drop in mortgage rates is giving new life to the U.S. housing market despite a slowing economy. The National Association of Home Builders/Wells Fargo Housing Market Index released on Tuesday increased to 68 in September from an upwardly revised 67 in August. The current level is at an 11-month high. Also on Tuesday, the Mortgage Bankers Association said its data show that mortgage applications for new home purchases increased 33% in August from a year earlier. Both reports are good omens for Wednesday’s government report on housing starts and permits. The median estimate of economists surveyed by Bloomberg is for starts to have rebounded 5% in August after falling 4% in July. Permits are seen declining 1.3%, but that shouldn’t be worrisome after July’s outsized 6.9% gain, which was the biggest since 2017.DON’T MISS Chaotic Funding Market Fell Asleep at the Wheel: Brian ChappattaStock Pickers Are Just Imagining an Index Bubble: Nir KaissarConflicted Dealers Shouldn't Advise the Treasury: James BiancoDraghi Lets Lagarde Pick Up the Pieces: Ferdinando GiuglianoEmpty Hair Salons Can't Be Saved by a Central Bank: Daniel MossTo contact the author of this story: Robert Burgess at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Robert Burgess is an editor for Bloomberg Opinion. He is the former global executive editor in charge of financial markets for Bloomberg News. As managing editor, he led the company’s news coverage of credit markets during the global financial crisis.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
PHILADELPHIA , Sept. 16, 2019 /PRNewswire/ -- BNY Mellon Wealth Management has appointed Scott M. Lillis as Regional President in Philadelphia, PA. Lillis reports directly to Andy Paterson , Regional President, ...
NEW YORK, Sept. 16, 2019 /PRNewswire/ -- Two secular forces or 'supertanker' trends, climate change and artificial intelligence (AI), are reshaping the future of investing, finds a new research study launched today by BNY Mellon Investment Management and CREATE-Research. 89% of the institutional investors ("investors" or "respondents"), with combined assets under management of approximately $12.75 trillion, that took part in extensive and structured interviews as part of the study regard the two supertanker trends as investment risks.
DENVER , Sept. 12, 2019 /PRNewswire/ -- BNY Mellon Wealth Management has appointed Eunice Kim as Regional President in Denver, CO , effective August 20, 2019 . In this role, Eunice will oversee all aspects ...
Moody's Investors Service (Moody's) has downgraded the global scale rating of the Class VDF A debt securities issued by Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I to B3 (sf) from Ba3 (sf).
BOSTON , Sept. 4, 2019 /PRNewswire/ -- BNY Mellon Wealth Management has named Chris Roy as a Senior Client Strategist in Boston, MA. As of July 8, 2019 , Chris is responsible for delivering custom, curated, ...
Details the 52-week lows of the following companies: Altria Group, ConocoPhillips, Simon Property Group, Bank of New York Mellon, Occidental Petroleum and Carnival Corp Continue reading...
NEW YORK, Aug. 30, 2019 /PRNewswire/ -- BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. (the "Fund") announced the successful pricing of the initial public offering of its common shares. The Fund is offering 2,652,001 shares at an initial price of $100 a share, resulting in gross proceeds of $265,200,100. "It's a challenging time right now in the markets for investors with a slowing global economy and a low interest rate environment with investors on the lookout for yield," said Andy Provencher, Head of North America Distribution, BNY Mellon Investment Management.
Berkshire Hathaway (BRK.B) famously doesn't pay dividends - it has better things to do with its shareholders' cash - but Chairman and CEO Warren Buffett sure loves collecting them. In 2018 alone, Berkshire raked in $3.8 billion in dividends - "a sum that will increase in 2019," Buffett said in the annual letter.The great majority of the stocks in Berkshire's portfolio are dividend stocks. And, indeed, all of its top 10 holdings - from Apple (AAPL) to Coca-Cola (KO) to American Express (AXP) - pay a cash distribution.Buffett has never been one to reach for yield, but a number of Berkshire Hathaway's income-generating equities are quite generous by today's standards. As of Aug. 26, nine of Warren Buffett's dividend stocks sported yields of at least 3%. (For comparison, the yield on the S&P; 500 is just below 2%.)After excluding names that are now negligible parts of Berkshire Hathaway's portfolio - namely, United Parcel Service (UPS) - these are the Warren Buffett dividend stocks with the highest yields. SEE ALSO: 50 Top Stocks That Billionaires Love
PITTSBURGH , Aug. 27, 2019 /PRNewswire/ -- BNY Mellon Wealth Management has named Patrick M. Mercier as a Client Strategist in Pittsburgh, PA. As of August 19 , Mercier is responsible for sourcing high ...
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. The...
In July 2018, Eric Boughner became chairman of BNY Mellon Pennsylvania, on top of leading relationship management and business development for its Treasury Services business. The New Jersey native got his start in New York, first as an analyst at Bankers Trust, then as an associate at BNP Paribas, where he helped to start an emerging markets fixed-income business in Brazil, Mexico and Argentina. Boughner then co-founded Plextronics Inc., a developer of customized inks to enhance the performance of organic light emitting diodes, and spent almost six years growing the CMU spinout before departing for BNY Mellon in 2008.
The certificates are collateralized by a single fixed-rate loan (the "CMBS loan") secured by the borrower's leasehold interest in the Bank of America Tower at One Bryant Park (the "property"), a 2.4 million SF, 51-story, Class A office property located in Midtown Manhattan. The property is well located across the street from Bryant Park at the northwest corner of 42nd Street and Sixth Avenue. The largest tenant at the property is Bank of America, N.A., a wholly-owned subsidiary of Bank of America Corporation (A2, senior unsecured).
(Bloomberg Opinion) -- By all accounts, it was supposed to be a sleepy August for the U.S. corporate bond market. Three weeks ago, the thinking went something like this: Sure, the Federal Reserve would cut its benchmark lending rate on July 31, in what Chair Jerome Powell would call a “mid-cycle adjustment.” But Treasuries were already pricing in such a move on the short end. Further out on the curve, the 30-year yield was about 2.6%, still more than 50 basis points away from its all-time low. Ten-year yields were about 2%, which seemed like a comfortable range for both buyers and sellers. For company finance officers, it had the makings of a sellers’ market but one that would be around once summer drew to a close.Then things got crazy. The 30-year yield lurched lower by 8 basis points on Aug. 1, then 13 basis points on Aug. 5, then another 13 basis points on Aug. 12. After a one-day reprieve near its all-time low of 2.0882%, it cruised through that level, tumbling to as low as 1.914%. The rally was so intense that the U.S. Treasury Department made an unusual, unscheduled announcement that it was again exploring issuing 50- or 100-year bonds. Companies clearly felt they couldn’t afford to pass up this opportunity. In the first full week of August, CVS Health Corp., Humana Inc. and Welltower Inc. headlined $35 billion of debt sales among investment-grade firms, easily surpassing estimates. Then in the week through Aug. 16, more than $22 billion went through, including a rarely seen offering from Exxon Mobil to the tune of $7 billion. Market watchers expected that would just about wrap things up until after Labor Day on Sept. 2.Some finance officers had other ideas. 3M Co. borrowed $3.25 billion on Monday to help finance its acquisition of medical-products maker Acelity Inc. In total, issuers sold $6.65 billion of investment-grade debt on Aug. 19, already topping some predictions for $5 billion this week. Then on Tuesday, Bank of New York Mellon Corp. priced $1 billion at the lower end of its expected yield range, along with a handful of other borrowers with multimillion-dollar deals.All this is to say, companies are simple: They see staggering low yields, and they issue bonds. Investors, for their part, can’t get enough of them. The Bloomberg Barclays U.S. Corporate Bond Index has returned 13.3% so far in 2019. Over the past 12 months, the index is up 12.5%, compared with just 1.5% for the S&P 500 Index. The average spread on corporate bonds has widened to 122 basis points, from 107 basis points at the end of July, but that’s just because they couldn’t keep up with the relentless rally in Treasuries, not because of a lack of buyers. If Bank of America Corp. strategists led by Hans Mikkelsen are correct, the demand in credit markets has lasting power. They say the $16 trillion of negative-yielding debt globally has left investors — and particularly those outside the U.S. — with few alternatives besides purchasing companies’ debt. “There is a wall of new money being forced into the global corporate bond market,” they wrote on Aug. 16. “Given the near extinction of non-USD IG yield, foreign investors are forced to take more risk.”Of course, buying investment-grade bonds hardly qualifies as a speculative endeavor. Exxon Mobil, in fact, has the same credit rating as the U.S. government from both Moody’s Investors Service and S&P Global Ratings. On the other hand, Bloomberg News’s Jeannine Amodeo and Davide Scigliuzzo reported this week that three leveraged-loan sales that had been languishing in the U.S. market for weeks were pulled as investors sought higher-quality assets. Vewd Software became the fourth on Tuesday, scrapping a $125 million term loan due to market conditions. Leveraged loans, it should be noted, are floating-rate securities and so face weaker demand when the Fed appears poised to cut rates, as it does now. But for large, highly rated companies, their behavior in recent weeks is exactly what should be expected. Exxon Mobil issued 30-year bonds to yield 3.095%. In November, five-year Treasuries offered the same amount. 3M, rated a few steps below triple-A, priced 30-year debt to yield 3.37%, less than the going rate on long Treasury bonds just nine months ago. No matter how you slice it, they’re getting borrowing costs that seemed unthinkable around this time last year.Interestingly, these low yields should be encouraging governments to borrow more, too. I wrote last week that the bond markets were begging for infrastructure spending. However, it seems neither Germany nor the U.S. has any appetite for that sort of initiative. The German government is reportedly preparing fiscal stimulus that could be triggered by a deep recession, while President Donald Trump hasn’t ruled out a payroll tax cut to stave off any economic weakness.It’s certainly possible that U.S. yields will only fall further from here, and other companies can also borrow or refinance at rock-bottom interest rates. But the move in global bond markets in recent weeks could was extreme, to say the least. The weak demand for Germany’s 30-year bond auction on Wednesday, which offered a coupon of 0% at a yield of -0.11%, suggests there are at least some lines that investors won’t cross.For prudent companies, it was well worth delaying summer vacations to get their deals done.To contact the author of this story: Brian Chappatta at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or 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/opinion©2019 Bloomberg L.P.
NEW YORK , Aug. 13, 2019 /PRNewswire/ -- Michael Santomassimo, Chief Financial Officer, and Hani Kablawi, Chief Executive Officer of Global Asset Servicing and Chairman of Europe , Middle East and Africa ...
Investment company Rings Capital Management LLC (Current Portfolio) buys Bank of New York Mellon Corp, Wells Fargo during the 3-months ended 2019Q2, according to the most recent filings of the investment company, Rings Capital Management LLC. Continue reading...