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BK

BNY Mellon

$48.59

0.245 (0.51%)

, NTRS

Northern Trust

$92.11

-0.31 (-0.34%)

15:05
04/18/19
04/18
15:05
04/18/19
15:05

U.S. bank regulators seek comment on proposed revisions to EGRRCPA

The U.S. federal bank regulatory agencies - the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency - have requested comment on a proposal to modify a capital requirement for U.S. banking organizations predominantly engaged in custodial activities, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act, or EGRRCPA. The EGRRCPA requires the agencies to permit certain firms--those predominantly engaged in custody, safekeeping, and asset servicing activities--to exclude qualifying deposits at central banks from their supplementary leverage ratio. The supplementary leverage ratio applies only to certain large or internationally active banking organizations. Based on data available at the time of the proposal, only The Bank of New York Mellon (BK), Northern Trust (NTRS), and State Street (STT), together with their depository institution subsidiaries, would be considered predominantly engaged in custody, safekeeping, and asset servicing activities and therefore able to exclude deposits at central banks from their supplementary leverage ratio, the agencies said. Comments on the proposal from the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency will be accepted for 60 days after publication in the Federal Register.

BK

BNY Mellon

$48.59

0.245 (0.51%)

NTRS

Northern Trust

$92.11

-0.31 (-0.34%)

STT

State Street

$70.16

0.53 (0.76%)

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    Jun

BK BNY Mellon
$48.59

0.245 (0.51%)

10/19/18
10/19/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Las Vegas Sands (LVS) downgraded to Buy from Conviction Buy at Goldman Sachs. 2. eBay (EBAY) downgraded to Hold from Buy at Stifel with analyst Scott Devitt saying PayPal's (PYPL) earnings release last night suggested weak eBay gross merchandise volume trends in Q3. 3. Ford (F) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Adam Jonas saying he now believes the market needs more evidence of success before embracing the Ford restructuring story. 4. BNY Mellon (BK) downgraded to Underperform from Market Perform at Keefe Bruyette with analyst Brian Kleinhanzl saying while the company beat estimates this quarter, several line items were weaker than expectations. 5. Harley-Davidson (HOG) downgraded to Market Perform from Outperform at BMO Capital with analyst Gerrick Johnson saying his previously expected catalysts for sales and earnings did not materialize. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/09/19
SBSH
01/09/19
DOWNGRADE
Target $52
SBSH
Neutral
BNY Mellon downgraded to Neutral from Buy at Citi
Citi analyst Keith Horowitz downgraded BNY Mellon to Neutral with a $52 price target. The analyst believes the company's valuation relative to peers has gotten full and says he cannot justify a strong case for 15% plus upside from current levels. He views BK as fairly valued at current prices.
01/08/19
JEFF
01/08/19
DOWNGRADE
Target $91
JEFF
Hold
Jefferies cuts trust bank estimates, downgrades Northern Trust to Hold
Jefferies analyst Ken Usdin downgraded Northern Trust (NTRS) to Hold from Buy and lowered his price target for the shares to $91 from $121. The sharp Q4 decline in market levels weighs on trust banks' revenue estimates, Usdin tells investors in a research note. He downgraded Northern Trust with his 2020 earnings estimate now 7% below consensus. Trust bank valuations remain below historical averages, but slower organic growth and "less macro help" are challenges, says the analyst. He also lowered his price target for Hold-rated BNY Mellon (BK) to $50 and Hold-rated State Street (STT) to $70.
04/18/19
RBCM
04/18/19
NO CHANGE
Target $52
RBCM
Sector Perform
BNY Mellon price target lowered to $52 from $58 at RBC Capital
RBC Capital analyst Gerard Cassidy lowered his price target on BNY Mellon to $52 and kept his Sector Perform rating, saying the company hit an "air pocket" in Q1 as revenues underperformed expectations due to pricing pressure and negative core business trends. The analyst notes that BNY Mellon is "focused on optimizing profitability through organic growth" but the stock may continued trading at the lower end of its historical multiple range until there is an improvement in pricing, a more benign outlook for interest rates, and more consistent positive operating leverage.
NTRS Northern Trust
$92.11

-0.31 (-0.34%)

03/14/19
BUCK
03/14/19
UPGRADE
BUCK
Buy
Northern Trust upgraded to Buy from Neutral at Buckingham
01/24/19
RAJA
01/24/19
DOWNGRADE
RAJA
Market Perform
Northern Trust downgraded to Market Perform from Outperform at Raymond James
01/24/19
RBCM
01/24/19
NO CHANGE
Target $108
RBCM
Outperform
Northern Trust price target lowered to $108 from $115 at RBC Capital
RBC Capital analyst Gerard Cassidy lowered his price target on Northern Trust to $108, reflecting his reduced expectations of interest rate hikes. The analyst also keeps his Outperform rating on the stock after its quarterly performance showed a "steady revenue growth, excellent credit quality, and a continued commitment to returning excess capital to shareholders".
03/14/19
BUCK
03/14/19
UPGRADE
Target $115
BUCK
Buy
Northern Trust upgraded to Buy from Neutral at Buckingham
Buckingham analyst James Mitchell upgraded Northern Trust to Buy and raised his price target to $115 from $104, saying his recent meetings with its management suggest that the market is not "fully appreciating" its model relative to its larger peers with a "vastly different client mix allowing for a more stable fee rate and better underlying growth." The analyst notes that Northern Trust stock is off 20% from its 12-month highs, but expects the quarter-to-date equity market appreciation to drive incremental gains to earnings. Mitchell also believes that Northern Trust has "plenty of runway for further above average organic growth across Europe, the U.S., and in alternatives."
STT State Street
$70.16

0.53 (0.76%)

03/15/19
03/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Oracle (ORCL) downgraded to Market Perform from Outperform at BMO Capital with analyst Keith Bachman saying he believes Oracle can sustain ~2% constant currency revenue growth, but is "dubious" the company can improve its revenue growth rates. 2. Zillow (ZG, Z) downgraded to Underweight from Equal Weight at Barclays with analyst Deepak Mathivanan citing his expectations for a "material erosion" in unit economics in its Homes division, the operational challenges facing the company in buying, fixing up, and selling homes at scale and the fact that he thinks the company's efforts to slowly transition its core PA business closer to transaction will keep revenue growth muted in the near-term. 3. State Street (STT) downgraded to Hold from Buy at Deutsche Bank with analyst Brian Bedell saying he no longer sees any near- or intermediate-term positive catalysts for the stock given the likely continued revenue growth pressures this year. 4. Live Nation (LYV) downgraded to Neutral from Buy at Citi with analyst Jason Bazinet saying he continues to like Live Nation's business model and long-term growth prospects, but he views the valuation as "full" at current share levels. 5. Adobe (ADBE) downgraded to Sector Weight from Overweight at KeyBanc with analyst Brent Bracelin citing the company's fiscal Q1 results. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/14/19
DBAB
03/14/19
DOWNGRADE
Target $70
DBAB
Hold
State Street downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Brian Bedell downgraded State Street to Hold and lowered his price target to $70 from $84, saying he no longer sees any near- or intermediate-term positive catalysts for the stock given the likely continued revenue growth pressures this year. The analyst cites "flat-to-negative average market levels, pricing pressure in asset servicing, weak volumes in FX trading / securities lending, outflows in active products, and stable net interest revenue with mild net interest margin expansion offsetting slightly lower deposit levels." Bedell also believes that State Street shares will trade in a range near current levels for the balance of the year.
02/24/19
KBWI
02/24/19
DOWNGRADE
Target $70
KBWI
Underperform
State Street downgraded to Underperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Brian Kleinhanz downgraded State Street to Underperform and lowered his price target for the shares to $70 from $72.
03/14/19
DBAB
03/14/19
DOWNGRADE
DBAB
Hold
State Street downgraded to Hold from Buy at Deutsche Bank

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ERIC

Ericsson

$9.24

0.1 (1.09%)

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GLD

SPDR Gold Shares

$137.59

-1.42 (-1.02%)

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PICO

PICO Holdings

$10.81

0.31 (2.95%)

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QHC

Quorum Health

$0.95

0.0522 (5.81%)

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SPRT

Support.com

$1.94

0.01 (0.52%)

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BXRX

Baudax Bio

$6.69

0.34 (5.35%)

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LMT

Lockheed Martin

$387.10

1.175 (0.30%)

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Envestnet

$71.72

1.27 (1.80%)

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NOC

Northrop Grumman

$344.79

0.4 (0.12%)

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Support.com

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0.01 (0.52%)

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RZLT

Rezolute

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(0.00%)

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AMZN

Amazon.com

$1,750.79

10.2 (0.59%)

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MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

16:55
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Conference/Events
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IMH

IMPAC Mortgage

$5.63

-0.01 (-0.18%)

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ALEC

Alector

$19.74

0.33 (1.70%)

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ATAX

America First Multifamily Investors

$7.58

0.125 (1.68%)

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PNM

PNM Resources

$48.77

-0.06 (-0.12%)

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