|Bid||0.00 x 1400|
|Ask||0.00 x 1400|
|Day's Range||40.42 - 40.84|
|52 Week Range||26.40 - 47.63|
|Beta (5Y Monthly)||1.06|
|PE Ratio (TTM)||10.59|
|Earnings Date||Apr 14, 2021 - Apr 19, 2021|
|Forward Dividend & Yield||1.24 (3.00%)|
|Ex-Dividend Date||Jan 29, 2021|
|1y Target Est||48.88|
As the big banks report fourth-quarter earnings, the biggest questions have been revolving around their stress tests and credit losses. In early 2020, most banks instituted the current expected credit losses (CECL) format, which tries to estimate losses over an entire economic cycle. While those credit losses have remained well-contained -- so far -- banks have felt the effects of lower benchmark interest rates as the Federal Reserve has dropped the fed funds rate to near zero.
The Bank of New York Mellon Corporation ( NYSE:BK ) shareholders are probably feeling a little disappointed, since its...
Shares of Bank of New York Mellon Corp. dropped 7.0% in midday trading Wednesday, enough to pace the S&P 500's decliners, after the bank reported fourth-quarter profit that fell more than forecast as continued low interest rates hurt results. The stock was on track for the biggest one-day loss since March 16, 2020, when it plunged 14.5% as the COVID-19 pandemic weighed. The bank reported net income that fell to $702 million, or 79 cents a share, from $876 million, or 98 cents a share, in the year-ago period, missing the consensus analyst EPS estimate of 88 cents, according to FactSet. The bank said the results included $159 million, or 18 cents a share, in litigation, severance, losses on business sales and real estate charges, and a $460 million, or 50 cents a share, gain on the sale of an equity investment. Chief Executive Todd Gibbons said he expects low interest rates will be "a significant headwind" in 2021. The stock has advanced 14.9% over the past three months, while the SPDR Financial Select Sector ETF has rallied 24.3% and the S&P 500 has gained 11.6%.