|Bid||40.50 x 900|
|Ask||0.00 x 1400|
|Day's Range||44.06 - 44.69|
|52 Week Range||40.52 - 54.27|
|Beta (3Y Monthly)||1.04|
|PE Ratio (TTM)||11.47|
|Earnings Date||Oct 16, 2019|
|Forward Dividend & Yield||1.24 (2.85%)|
|1y Target Est||46.74|
The coming week’s docket of economic reports and earnings releases comes just following the Trump administration’s announcement of a partial trade deal with China late last week.
Moody's rating action reflects a base expected loss of 5.4% of the current pooled balance, compared to 5.2% at Moody's last review. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.
Moody's Investors Service ("Moody's") has assigned a provisional rating of (P)Aaa (sf) to the Class A tax lien asset backed bonds to be issued by NYCTL 2019-A Trust, sponsored by The City of New York (NYC, Aa1 stable). The transaction is collateralized by a static pool of unpaid tax liens levied on commercial and residential properties, including unpaid real property taxes, assessments, sewer and water rents, and sewer surcharges, amongst other city infrastructure and service charges.
Moody's Investors Service has affirmed the Servicer Quality ("SQ") assessment for The Bank of New York Mellon ("BNY Mellon") of SQ2+ as a Master Servicer of residential mortgage loans. The assessment is based on the company's above average reporting and remittance processes, above average compliance and monitoring capabilities, and above average servicing stability.
We can judge whether The Bank of New York Mellon Corporation (NYSE:BK) is a good investment right now by following the lead of some of the best investors in the world and piggybacking their ideas. There's no better way to get these firms' immense resources and analytical capabilities working for us than to follow their […]
JERSEY CITY, N.J., Oct. 9, 2019 /PRNewswire/ -- Capital markets appear highly dependent on a large set of binary outcomes that may have more to do with political negotiations than changes in market dynamics, according to the latest Lockwood Investment Insights commentary. "Markets have remained resilient through the third quarter, but negotiations over the United Kingdom's planned exit from the European Union, protests in Hong Kong as well as U.S. and China trade talks and impeachment proceedings, among other developments, will test investors' resolve in the coming months," said Matthew Forester, chief investment officer of Lockwood at BNY Mellon's Pershing and author of the report.
Digital tool provides advisors with a view of net new asset flows, allowing them to identify and focus on high growth areas of their business JERSEY CITY, N.J. , Oct. 8, 2019 /PRNewswire/ -- BNY Mellon's ...
The Zacks Analyst Blog Highlights: Verizon Communications, PepsiCo, Biogen, Bank of New York ??? Mellon and Cerner
In her new role, she'll oversee the firm’s investments, advisory, financial planning and banking for its wealth management clients in the Rocky Mountain region.
(Bloomberg Opinion) -- Last week brought lots of bad news about the American economy. The stock market treated each new data point suggesting that activity was slowing down as bad news. And that, in itself, is bad news. Here’s why: Grim tidings for the economy aren’t necessarily so bad for investors, because they tend to lead to lower interest rates. That, in turn, makes it cheaper to invest and justifies paying a higher multiple for stocks. Growth that is too strong can mean higher rates, and that’s a problem. Hence equity investors yearn for “a Goldilocks economy” – one that is neither too hot nor too cold.So it makes sense that bad news about the economy is often treated as good news for the markets. But that changes when investors truly fear a recession. In that situation, central banks will make money much cheaper, but that doesn’t counteract the damage to stocks and bonds inflicted by the economy. With bad news plainly treated as bad news, the stock market has reached the point where fear of a recession is its greatest concern. For the first few years after the financial crisis, with the advent of quantitative easing, the stock market behaved like the giant plant in Little Shop of Horrors. Its constant demand to the Fed was: “Feed me!” And as new waves of central bank asset purchases made money cheaper, share prices rose. Any stabilization in the Fed’s campaign to buy assets would stall the stock market. From 2008 until 2015, when the Fed started to get serious about its desire to normalize and raise rates, the S&P 500 rose in line with the Fed’s balance sheet. Bad news, persuading a reluctant central bank to keep buying assets, was good news. Since then, the relationship has been more complicated and more variable. John Velis, foreign exchange strategist at BNY Mellon, offers the following simple measure of whether good or bad news is treated as such by the market. It shows the correlation between moves in the stock market and moves in Citigroup Inc.’s U.S. Economic Surprise index, which is fixed so that it will rise when economic data is surprisingly good, and fall when it is surprisingly bad. When the correlation is positive, good news is good news (and bad news is bad news). When the correlation is negative, the market is hoping for bad news. Put differently, when the line is above 0 in the chart, showing a positive correlation, the market is chiefly worried about a recession; and when it is below 0, it is chiefly worried about the Fed monetary policy being too tight. The correlation swings frequently, but at present it is as strong as at any point in five years. So markets really want to hear good news about the economy, even if that means they will have to do without cheap money from the Fed:That correlation remained strong through the week. Stocks sold off after bad news from manufacturing and services surveys earlier in the week, and then staged a rebound after Friday’s broadly strong payrolls report, which showed that the unemployment rate had almost reached an all-time low. And that gain came even though the jobs release caused bond investors to reduce slightly their forecasts for interest-rate cuts.There have been other sharp sell-offs over the last year, but they weren’t driven by the data as last week’s was. In December, investors were terrified by Fed Chair Jerome Powell’s determination to push ahead with higher rates, while shrinking the central bank’s balance sheet “on auto-pilot”; and the sell-off this summer was driven by escalating hostilities between the U.S. and China over trade. It’s clear investors are now much more worried about the prospect of an economic slump than they were even six months ago. The inversion of the bond yield curve during the summer (meaning yields on short-term bonds rose above yields on long-term bonds) unnerved many by sending a classic recession signal. The trade wars, worries about a slowdown in China, and a serious slump for German manufacturing have all made a downturn far more plausible. History also argues that stock-market investors would be wise not to wish for any more rate cuts from the Fed. Over history there are a few examples of “mid-cycle adjustments” – in the phrase Powell used earlier this year – where the Fed cut rates two or three times and managed to prolong an economic expansion. There are no precedents for the Fed cutting by a full percentage point or more without a recession following soon after. And there are also no precedents for a recession that is unaccompanied by a bear market in equities. The Fed has already cut rates by 0.5 percentage point so far this year. Bloomberg’s estimates show that the market is pricing a fifty-fifty chance that it will have cut by a full percentage point by the end of the year. That would be bad news for everyone.To contact the author of this story: John Authers 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.John Authers is a senior editor for markets. Before Bloomberg, he spent 29 years with the Financial Times, where he was head of the Lex Column and chief markets commentator. He is the author of “The Fearful Rise of Markets” and other books.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Moody's Investors Service has reviewed the documents submitted to us in connection with the issuance of an alternate letter of credit (LOC) provided by Citizens Bank, N.A. (the Bank) to replace the LOC previously issued on a several, not joint basis, by The Bank of New York Mellon and Citizens Bank, N.A. to support Hamilton (County of) OH, Adjustable Rate Student Housing Revenue Bonds, (Block 3 Community Urban Redevelopment Corporation Project), Series 2004 (the Bonds). Following the effective date of the alternate LOC (April 30, 2019) the ratings on the Bonds are based upon (i) the direct-pay LOC provided by the Bank, (ii) the structure and legal protections of the transaction which provide for timely payment of debt service and purchase price to bondholders, and (iii) Moody's evaluation of the credit quality of the Bank.
(Bloomberg Opinion) -- There’s a showdown looming between financial advisers and the custodians that safeguard their clients’ money. It’s been brewing for some time, and the move by Charles Schwab Corp. on Tuesday to offer commission-free trading makes the clash all but inevitable.Retail investors know Schwab as a discount broker, but it’s also a custodian for financial advisers who break away from banks, insurance companies and other financial firms, or set up shop on their own. Those advisers need someone to house client accounts and execute trades, and firms such as Schwab, Fidelity Investments, Bank of New York Mellon Corp. and TD Ameritrade Holding Corp. are popular choices. (My asset-management firm works with Schwab and TD Ameritrade.)It was a blissful union. Clients paid financial advisers a fee for constructing portfolios and financial planning, typically a percentage of assets under management, and custodians collected interest on clients’ cash and margin, distribution fees from mutual funds and, of course, commissions on trades. Lately, though, the relationship between advisers and custodians has become strained. While advisers continue to collect their fees, custodians are increasingly under pressure.Roughly 40% of Schwab’s revenue last year came from proprietary mutual funds and ETFs, third-party mutual funds, commissions and – importantly – advisory fees. The value of all but the latter is now zero or trending in that direction. The other 60% of Schwab’s revenue, which is interest income primarily from margin loans, bank loans and fixed-income investments, isn’t likely to make up the difference. Schwab can only boost interest revenue by gathering more assets or praying for higher interest rates. Few expect rates to rise any time soon, and Schwab’s competitors are now offering free trades of their own, so there’s little reason for investors to flock to the broker. TD Ameritrade announced it will cut its commissions to zero mere hours after Schwab, and E*Trade Financial Corp. followed on Wednesday. The market reaction? Investors have roundly hammered discount brokers: As custodian-brokers raced to the bottom on fund fees and commissions, advisory fees have remained remarkably resilient. The average financial adviser continues to collect roughly 1% a year on accounts of $1 million, and more for smaller accounts. Industry observer and financial adviser Michael Kitces isn’t surprised. “When price competition breaks out, whoever is closest to the client wins,” he says. That’s why advisers have been able to maintain their fees even as trading commissions and expense ratios for mutual funds and ETFs have plunged, in part due to advisers’ growing preference for low-cost funds.It may also explain why investors are sticking with advisers despite growing competition from automated investing platforms that typically charge lower advisory fees, and in Schwab’s case, no fee (although Schwab makes money on its robo-adviser through proprietary ETFs and interest on cash balances). Investors may eventually feel comfortable handing their money to the bots, but most still seem to value proximity to human advisers.The predictable result is that custodians, and even some mutual fund companies, are keen on getting closer to clients. Schwab, Fidelity and Vanguard Group have all made a big push into the advisory business in recent years. While hard numbers are hard to track down, Kitces estimates that those firms now account for “a material slice of the overall market for financial advice and a huge portion of the cumulative growth of advisory assets over the last four years.”Custodians are likely to win. They have the expertise to navigate the dizzying array of mutual funds and ETFs sold to investors, plus the size and reach to undercut advisers’ fees and the resources to build technology advisers can only dream about. That doesn’t mean independent financial advisers will disappear, but many won’t survive the onslaught, and those who do can expect a pay cut. WealthManagement.com, a media and marketing outlet catering to financial advisers and wealth professionals, took a flash poll of advisers on Tuesday and concluded that many are skeptical of free commissions and question how Schwab and others will make up the lost revenue. “There’s no free lunch, after all,” it reminded readers.One adviser summed it up, saying he’s “looking for the catch.” Well, here it is: When the dust settles, financial advisers won’t be eating lunch – they’ll be on the menu.To contact the author of this story: Nir Kaissar 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.Nir Kaissar is a Bloomberg Opinion columnist covering the markets. He is the founder of Unison Advisors, an asset management firm. He has worked as a lawyer at Sullivan & Cromwell and a consultant at Ernst & Young. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Among the biggest winners are computer-driven hedge funds that try to latch on to market trends. While many human traders may question the wisdom of buying or keeping a bond that apparently offers a guaranteed loss, robot traders that monitor price moves have no such qualms. GAM Systematic’s Cantab Quantitative fund has gained 36.1 per cent, according to numbers sent to investors, with the biggest gains coming from bets on falling bond yields.
BOSTON, Oct. 1, 2019 /PRNewswire/ -- FinMason, an investment analytics provider that enables WealthTech platforms to accelerate development and time-to-market, and Eagle Investment Systems, a BNY Mellon company and part of Data and Analytics Solutions, today announced a strategic alliance that will offer Eagle clients access to investment analytics. The alliance provides the option for Eagle clients to enrich holdings data by accessing FinMason analytics directly through an interface with the Eagle product suite.
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The latest estimate for the U.S. oil benchmark, West Texas Intermediate, is virtually unchanged from last month’s forecast. Back then, prices spiked after drones and missiles attacked oil infrastructure in Saudi Arabia. Especially after Saudi Arabia reportedly agreed to a partial cease-fire in Yemen, where a war has raged for four years.
Wells Fargo & Co. investors and analysts cheered the bank’s announcement of a new chief executive, but there is also reason to believe investors should take the news with a grain of salt.
Wells Fargo named Charles Scharf as its new CEO. The Bank of New York Mellon CEO has also been Visa CEO and a top JPMorgan exec. Wells Fargo shares rose.
Incoming Wells Fargo CEO Charles Scharf will face an old challenge: running a San Francisco-based company from New York City.
The scandal-plagued bank has found a candidate willing to take the top position after Tim Sloan’s sudden resignation in March Continue reading...