BNY Mellon initiated with a Buy at Seaport Global » 06:5707/0807/08/20
Seaport Global analyst…
Seaport Global analyst Jim Mitchell initiated coverage of BNY Mellon with a Buy rating and $51 price target. BNY Mellon has less exposure to equity markets and greater exposure to processing volumes than other trust banks, which should allow it to whether economic and market storms better than its peers, Mitchell contends.
BNY Mellon upgraded to Buy on positive EPS revisions at Jefferies » 06:3307/0807/08/20
As previously reported,…
As previously reported, Jefferies analyst Ken Usdin upgraded BNY Mellon to Buy from Hold with a price target of $45, up from $40. He sees trust banks as a play on markets recovering faster than the economy, adding that the 15%-20% rise in global stock prices and 3% plus move in bonds during Q2 leads to upward EPS revisions.
BNY Mellon, Deutsche Bank collaborate on new API-enabled FX solution » 05:2807/0807/08/20
BNY Mellon (BK) and…
BNY Mellon (BK) and Deutsche Bank (DB) said in a release, the companies "have jointly developed a new API-enabled foreign-exchange, or FX, solution that can dramatically improve confirmation times for restricted emerging-market currency trades. The digital solution, initially being applied to custody FX transactions in Korean Won, aims to reduce the pre-trade lifecycle to seconds from hours, minimizing the operational burden and manual intervention that can be prevalent in emerging-market custody FX. The solution is already live in Korea, with the Indonesian Rupiah and the Indian Rupee targeted next. Subsequently, it will be progressively rolled out to a broad range of restricted currencies, which are linked to investors' underlying equity or fixed-income transactions. Leveraging existing bots between the two banks for instantaneous communication to help eliminate market frictions, the solution can also bring trade remediation closer to the time of execution. The resulting benefits can also reduce price slippage for clients between the FX leg of a transaction and the equity or fixed-income security trade. Digital innovation in FX markets is accelerating in emerging markets, particularly in Asia, because securities denominated in those currencies are increasingly being included--or more heavily weighted--in emerging-market indices and exchange-traded funds, or ETFs."
BNY Mellon upgraded to Buy from Hold at Jefferies » 04:4507/0807/08/20
Jefferies analyst Kenneth…
Jefferies analyst Kenneth Usdin upgraded BNY Mellon to Buy from Hold with a $45 price target.
BNY Mellon: Mitchell Harris to retire as CEO of BNY Mellon Investment Management » 08:3107/0707/07/20
The Bank of New York…
The Bank of New York Mellon announced that Mitchell Harris, CEO of BNY Mellon Investment Management, which includes the Wealth and Investment Management businesses, has announced his intention to retire effective October 1. The company has appointed Hanneke Smits as CEO of BNY Mellon Investment Management, and Catherine Keating will continue in her role as CEO of BNY Mellon Wealth Management. Both Smits and Keating, leading their respective parts of the Investment and Wealth Management business, will report Todd Gibbons, CEO of BNY Mellon, and Ms. Smits will join BNY Mellon's Executive Committee.
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BNY Mellon announces collaboration with Early Warning Services » 08:0507/0207/02/20
BNY Mellon announced a…
BNY Mellon announced a collaboration with risk and payments solution provider Early Warning Services. Through this agreement, BNY Mellon will deliver real-time account validation services to clients, and offer the flexibility to tailor a solution to meet clients' individual needs- whether through BNY Mellon directly, or through one of its Private Label Bank relationships.
Morningstar and BNY Mellon to hold a virtual conference » 09:0106/3006/30/20
Global Equity Virtual…
Global Equity Virtual Conference 2020 will be held on June 30.
BNY Mellon announces Stress Capital Buffer of 2.5% effective October 1st » 18:0506/2906/29/20
BNY Mellon announced that…
BNY Mellon announced that the Federal Reserve has notified the company that its Stress Capital Buffer, or SCB, requirement will be 2.5%, equal to the regulatory minimum, effective as of October 1, 2020. Additionally, on June 25, 2020, the Federal Reserve released the results of the 2020 Dodd-Frank Act Stress Test, which demonstrate the "resiliency and strength of BNY Mellon's business model and capital position." The company states that it "intends to maintain its quarterly cash dividend on common stock of 31c per share and will not conduct open market common stock repurchases during the third quarter of 2020 and will resume common share repurchase program as early as possible."
Bank dividends facing manageable stresses, Barron's says » 10:4106/2706/27/20
STT, BK, BAC, MS, GS, COF, WFC
The Federal Reserve's latest stress tests showed that big U.S. banks should survive the worst COVID-19 scenarios, Alexandra Scaggs writes in this week's edition of Barron's. Late on Thursday, the Fed, citing the high level of uncertainty surrounding the coronavirus pandemic and economic recovery, voted 4-to-1 to cap the amount of capital banks can pay out to their common-stock investors in the third quarter. Buybacks are halted through at least the end of September, and bank common-stock dividends are capped at an average of the past four quarters' earnings, the author notes. The new dividend limit could be bad news for Wells Fargo (WFC) and Capital One Financial (COF), with Goldman Sachs (GS) also being dealt an outsized blow by the stress-test results. On the flip side, Bank of America (BAC), Bank of New York Mellon (BK), Morgan Stanley (MS), and State Street (STT) all have plenty of room to keep paying dividends based on the past year's earnings.Reference Link
BNY Mellon named short-term investment idea at Deutsche Bank » 07:3706/1106/11/20
Deutsche Bank analyst…
Deutsche Bank analyst Brian Bedell initiated a "Buy Catalyst Call" on Bank of NY Mellon (BK), hedged against Northern Trust (NTRS), as he thinks BNY should outperform Northern Trust during the Q2 earnings season. The analyst sees see BNY as positioned best versus consensus expectations.