BK - The Bank of New York Mellon Corporation
Chart Events
Relative Strength Index (RSI)
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 33.75 |
| Open | 35.63 |
| Bid | 0.00 x 900 |
| Ask | 0.00 x 1200 |
| Day's Range | 34.45 - 35.72 |
| 52 Week Range | 26.40 - 53.61 |
| Volume | 6,443,758 |
| Avg. Volume | 7,053,577 |
| Market Cap | 31.189B |
| Beta (5Y Monthly) | 1.13 |
| PE Ratio (TTM) | 7.81 |
| EPS (TTM) | 4.51 |
| Earnings Date | Apr 15, 2020 |
| Forward Dividend & Yield | 1.24 (3.67%) |
| Ex-Dividend Date | Jan 23, 2020 |
| 1y Target Est | 43.20 |
Fair Value
Related Research
- Zacks
Cost-Control Efforts to Aid BNY Mellon (BK) Amid Low Rates
Cost-control efforts are expected to support BNY Mellon's (BK) bottom line to an extent. However, pressure on margins due to lower rates remains a woe.
- PR Newswire
BNY Mellon Expands its ETF Relationship with USCF through Conversion of Assets onto BNY Mellon's ETF Servicing Platform
BNY Mellon has expanded its exchange-traded product relationship with United States Commodity Funds (USCF) and completed the asset conversion onto BNY Mellon's ETF Servicing platform. BNY Mellon has been appointed by USCF to provide ETF services— including serving as its custodian, fund accountant and administrator and transfer agent. The conversion was completed on April 1st.
- American City Business Journals
Bank of New York Mellon names new CEO
Bank of New York Mellon Corp. said it has named interim Chief Executive Officer Thomas Gibbons to officially fill the role. Gibbons was named interim CEO of the New York bank (NYSE: BK) when former CEO Charles Scharf was named CEO of Wells Fargo & Co. (NYSE: WFC) in September. "The board conducted a comprehensive search process over a number of months, and we concluded he is the right person for the job," said Joseph Echevarria, chairman of the board, in a statement.
- Financial Times
BNY Mellon appoints Todd Gibbons as permanent CEO
BNY Mellon has appointed Todd Gibbons as its chief executive, elevating him from interim CEO, after a six month search for a successor to Charlie Scharf who left to run Wells Fargo. Mr Gibbons is well ...
- PR Newswire
Thomas P. (Todd) Gibbons Appointed Chief Executive Officer of BNY Mellon
The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK) announced today that Thomas P. (Todd) Gibbons has been appointed Chief Executive Officer, effective immediately. Mr. Gibbons has served as interim CEO since September 2019. Joseph Echevarria, a member of BNY Mellon's Board of Directors since February 2015, will continue to serve as Independent Chairman of the Board.
- Moody's
GTA Funding LLC -- Moody's assigns a Prime-1 (sf) rating to ABCP issued by GTA Funding LLC
Moody's Investors Service (Moody's) has assigned a Prime-1 (sf) rating to the asset backed commercial paper ("ABCP") issued by GTA Funding LLC ("GTA"). The Prime-1 (sf) rating of the ABCP issued by GTA is based on, among other factors, the following: (i) the repayment obligations of The Toronto-Dominion Bank ("TD Bank") under the program-level liquidity agreement; (ii) structural features aimed at protecting the bankruptcy remote nature of GTA; and (iii) operational capabilities of TD Bank and TD Securities (USA) LLC ("TD Securities"), as the administrative agent and sub-administrator, respectively, to provide day-to-day administrative services to GTA and ensure timely issuance and repayment of ABCP.
- PR Newswire
BNY Mellon Announces Location Change for its 2020 Annual Meeting of Stockholders
The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK) announced today a change in the location of the 2020 Annual Meeting of Stockholders (the "Annual Meeting"). In light of public health concerns regarding the coronavirus or COVID-19, the Annual Meeting will be held solely by remote communication, in a virtual only format. The previously announced date and time of the meeting (April 15, 2020 at 9:00 a.m., Eastern time) will not change. Stockholders of record as of the close of business on February 18, 2020, the record date, can find additional details regarding participation in the Annual Meeting at https://www.bnymellon.com/proxy.
- Simply Wall St.
What To Know Before Buying The Bank of New York Mellon Corporation (NYSE:BK) For Its Dividend
Is The Bank of New York Mellon Corporation (NYSE:BK) a good dividend stock? How can we tell? Dividend paying companies...
- Yahoo Finance
Fed walks tightrope on loosening bank regulations amid coronavirus response
Regulators are encouraging banks to tap into capital and liquidity to lend into an economy affected by the coronavirus but further regulatory easing could be coming.
- Barrons.com
Dow Plunges 3,000 Points in Worst Selloff Since 1987
It’s another rout on Wall Street. Stocks finished deep in the red after the Fed cut rates to near zero. The striking moves intensified economic worries. This afternoon, President Trump asked all Americans to avoid discretionary travel and gatherings of more than 10 people.
- Barrons.com
8 Banks Suspended Stock Repurchase Programs. What That Means — and What Will Happen if Other Industries Follow Suit.
Energy, travel, and industrial companies are also likely to rein in buybacks to conserve cash, after eight banks suspended share repurchases Sunday.
- Barrons.com
8 Big Banks Are Halting Buybacks to Brace for More Virus Fallout
Eight of the largest U.S. banks announced they would halt stock buybacks through the second quarter. Banks have been particularly hurt by low rates—which just got lower—and could be hurt further if sectors hit especially hard by the coronavirus, such as energy and airlines, start tapping their credit lines hard.
- American City Business Journals
PNC, other local banks, test remote work contingency plans
Financial institutions in Pittsburgh are exploring measures to cope with the spread of COVID-19. PNC Financial Services Group Inc. said that as part of its business continuity planning, many employees worked from home on Tuesday and some areas of the bank elected to expand or extend for additional days. “This is being done in an effort to exercise our remote work contingency plans that are designed to prevent service disruptions , and out of an abundance of caution, in preparation for potential impacts from the coronavirus,” Marcey Zwiebel, senior vice president and director of corporate public relations, said via email.
- Insider Monkey
Hedge Funds Have Never Been This Bullish On The Bank of New York Mellon (BK)
Coronavirus is probably the 1 concern in investors’ minds right now. It should be. On February 27th we publish an article with the title "Recession is Imminent: We Need A Travel Ban NOW". We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]
- Bloomberg
Nothing's Working for Stocks Except the Math
(Bloomberg Opinion) -- There’s really only one sure thing in markets, and that is the longer a rout in stocks goes on, the more esoteric the analysis put out by Wall Street to explain the moves and guess when the carnage may end. Examples range from the relationship between bond yields and dividends to something euphemistically called “technical analysis” that attempts to divine future prices from squiggly lines on a chart.None of it seems to work, because nothing can accurately predict human fear and emotion. As economist John Maynard Keynes said: “The market can remain irrational much longer than I can remain solvent.” So instead of trying to read too much into the S&P 500 Index’s 4.94% rebound on Tuesday from its gut-wrenching 7.60% drop the day before, it’s best to understand where markets are valued through the simplest of math. As of the end of last week, the benchmark traded at about 18.3 times earnings based on a level of 2,972. (It ended Tuesday at 2,882.23.) That implies corporate earnings of $153 per share for this year, well below the $172 estimated by Wall Street, according to BNY Mellon strategist John Velis. Now, nobody believes those forecasts — made in calmer times — will be achieved, but flat earnings growth is probably a baseline assumption at this point. Such a scenario translates into a price-to-earnings ratio of 17.5 times and a level of just under 2,900 for the S&P 500, Velis wrote in a recent research note. For the pessimists who might expect earnings to plunge 25% and P/E ratios to collapse to an apocalyptic 12.5 times, the S&P 500 would fall just below 1,450 for a decline of about 50%. So, the market could get better or it could get worse — that’s just the way it is. “Even a smallish 15% hit to earnings growth, combined with typical equity de-rating, paints some concerning market scenarios,” Velis wrote. “A slightly worse corporate profits scenario (say, a 25% earnings decline) makes dire reading, indeed.” This is not to cause panic, but rather to help provide an understanding of stock valuations based on varying assumptions, and see how that may be playing into the movements we’re seeing now.SAFETY HAS ITS LIMITSPerhaps the most encouraging news for the stock market on Tuesday came out of the bond market. One could make a strong case that the collapse in U.S. Treasury yields in recent weeks has led equities lower, rather than the other way around. Bonds, more so than stocks, are pricing in a dire economic outlook, with a severe recession a strong possibility. But at the Treasury Department’s monthly auction of three-year notes, traders bid for only 2.2 times the $38 billion of securities offered. That’s the lowest bid-to-cover ratio since December 2018 and down from 2.56 at last month’s sale. What this shows is that bond traders, who have a reputation for having a better handle on the economic outlook than stock traders, aren’t panic buying safe government bonds at any cost. In that sense, the message may be that the worst is over and markets may be returning to more orderly daily moves. The auctions continue Wednesday with the sale of $24 billion in 10-year notes and the sale Thursday of $16 billion in 30-year bonds.OIL WAR TURNS INTO CURRENCY WAROil prices around the world plunged on Monday by the most in more than a decade following the collapse in talks between Saudi Arabia and Russia on bolstering crude production. Saudi Arabia wanted to support prices by limiting production, while Russia wanted to pump as much oil as possible; when Russia refused to budge, Saudi Arabia launched a price war by offering discounts to customers and promising to open its spigots. On Tuesday, Russia made clear it has no intention of backing down from its stance, bringing forward foreign currency sales and raising cash to brace for further turmoil in oil markets. The result was a 4.57% tumble in the ruble, the most among the more than 30 major currencies tracked by Bloomberg. The sales would normally have started next month, according to Bloomberg News’s Natasha Doff and Áine Quinn, but Russia’s Finance Ministry said it would sell foreign currency as long as oil prices stay below $42.40 per barrel. Russia is such a large component in emerging markets that a prolonged effort to weaken its currency may put pressure on other emerging market economies to do the same in order to stay competitive. The downside is that mass devaluation of emerging-market currencies would only exacerbate the pain their economies are experiencing.TRUMP’S PYRRHIC OIL VICTORYIt was almost one year ago that President Donald Trump tweeted that it was “very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Naturally, he followed that up Monday by tweeting: “Good for the consumer, gasoline prices are coming down.” Indeed, regular-grade gasoline prices as measured by the Automobile Association of America have fallen to $2.365 a gallon from this year’s high of $2.600 in early January. Deutsche Bank strategist Torsten Slok wrote in a note to clients Tuesday that it could soon drop to $2 a gallon. There’s no doubt that the drop in gasoline prices could be a potential boon for the U.S. consumer. Citigroup’s economists estimated in a research note that it may add as much as $125 billion in extra disposable income to consumer wallets. But these are hardly normal times, with the spreading coronavirus likely to keep Americans close to home instead of going out and driving their cars. The Citigroup economists seem to acknowledge as much, noting that “discretionary consumer spending is typically the key beneficiary when retail gas prices decline, so a more cautious consumer in the current environment is likely to pare down the upside effect from lower oil prices in the near-term.”ITALY MATTERSThe number of confirmed coronavirus cases in Italy officially surpassed the 10,000 mark on Tuesday, with Prime Minister Giuseppe Conte calling on the European Central Bank to help shore up what was already a flagging national economy. Conti evoked the “whatever it takes” language that came to symbolize the ECB key role in stabilizing the euro area in 2012, Bloomberg News reported, citing a European official. When it comes to Italy, European officials shouldn’t view aid as a handout, but rather as a necessity because the stakes are too high. Italy has about $2.3 trillion of government bonds outstanding, making it the world’s fifth-biggest debtor behind the U.S., China, Japan and France. A crisis in confidence here could quickly escalate into another global crisis. The nation’s bonds offer the euro zone’s highest yields outside of Greece to compensate investors for the strong degree of uncertainty and large debt load. Italy’s 10-year notes yielded about 2.27 percentage points more than similar-maturity German bunds on Monday, the most since August and rapidly expanding from 1.29 percentage points a month ago.TEA LEAVES The collapse in bond yields has resulted in a big drop in mortgage rates. Freddie Mac said last week that average rates on a 30-year home loan dropped to an all-time low of 3.29%. They are likely to be even lower when Freddie Mac provides an update Thursday. The upshot is that scores of homeowners are able to refinance at lower rates, providing monthly savings that dwarf what they would enjoy from lower gasoline prices. Markets will get an update on the latest refinancing activity Wednesday when the Mortgage Bankers Association updates its weekly refinancing index. That gauge rose last week to the highest since 2013, and there are many reports of lenders quickly shifting workers to their mortgage departments to handle the flood of refinancing requests. The downside is that the lower rates don’t seem to be helping purchases of homes. The Mortgage Bankers Association’s purchasing index actually fell last week and is in line with its average over the past 12 months.DON’T MISS The U.S. Economy Is Now in Uncharted Waters: Tyler Cowen The Best Coronavirus Response? QE and Infrastructure: Noah Smith Fed Can't Let Bond Yields Fall to Zero: Danielle DiMartino Booth Bond Buyers Won't Like the Coronavirus Stimulus: Conor Sen The Last Place You'd Think to Hide in a Meltdown: Shuli RenTo contact the author of this story: Robert Burgess at bburgess@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of 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/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Barrons.com
The Fed Gave Banks a Reprieve. Here’s What That Means For the Stocks.
First it was the fear that the Federal Reserve would cut interest rates, then it was the confirmation of that fear when the Fed slashed rates by 50 basis points two weeks ahead of its scheduled meeting. The capital rules for the largest banks would increase by roughly 7% and would decrease by 10% for the smaller banks, the Fed noted. “The stress capital buffer materially simplifies the post-crisis capital framework for banks, while maintaining the strong capital requirements that are the hallmark of the framework,” Fed Vice Chairman Randal Quarles said Wednesday.
- PR Newswire
BNY Mellon's Pershing Unveils Subscription Pricing for RIA Custody, Brings More Choice to Advisors
BNY Mellon's Pershing ("Pershing"), which custodies over $800 billion in advisory assets1, today unveiled an innovative pricing offer. In addition to Pershing's existing variable pricing, registered investment advisors (RIAs) on the Pershing custody platform will now be able to choose from two new options: monthly subscription and zero-transaction-fee pricing.
- Moody's
Chesham Finance Limited / Chesham Finance LLC - Series V -- Moody's Assigns Rating of Prime-1 (sf) to Chesham Finance Limited / Chesham Finance LLC - Series V
Chesham is an existing programme arranged by BSN Holdings Limited ("BSN") and administered by The Bank of New York Mellon, London Branch ("Bank of New York Mellon"). As at January 2020, Chesham had total outstanding commercial paper ("CP") in issuance (including all series) of $7.03bn.
