Company Update (NYSE:BK): BNY Mellon’s Pershing Launches New Solutions and Resources to Help Firms Comply with the DOL Conflict of Interest Rule

[PR Newswire] – ORLANDO, Fla., June 8, 2016 /PRNewswire/ — Pershing LLC, a BNY Mellon company, today announced its solutions and resources to help financial services firms comply with the Department of Labor’s (DOL) Conflict of Interest rule. Over the past 18 months, Pershing has been working to help firms understand the rule and developing solutions, which it will soon start to roll out. “While some aspects of the final version of the DOL’s Conflict of Interest Rule will be easier to implement than the initial proposal, the essence of the rule is the same and it could profoundly change financial services firms’ operating models, compensation arrangements and supervisory structures,” said Rob Cirrotti, managing director and head of retirement and investment solutions at Pershing. Read more on this. The Bank of New York Mellon Corporation (BK) , valued at $45.30B, started trading this morning at $42.03. During today’s session, BK traded between $41.95 to $42.33 with a trailing 52-week range being $32.20 to $45.45. BNY Mellon (BK) shares are currently priced at 13.72x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -63.02x earnings multiple for the same period. The company pays shareholders $0.68 per share annually in dividends, yielding 1.60%. Consensus earnings for the current quarter by the 17 sell-side analysts covering the stock is an estimate of $0.75 per share, which would be $0.02 worse than the year-ago quarter and a $0.02 sequential increase. The full-year EPS estimate is $3.09 which would be a $0.24 better than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $3.81 Billion. If reported, that would be a 1.04% decrease over the year-ago quarter. More recently, JP Morgan upgraded BK from Neutral to Overweight (Jan 7, 2016). Previously, BofA/Merrill upgraded BK from Neutral to Buy. When considering if the stock is under or overvalued, the average price target is $44.42, which is 5.69% above where the stock opened this morning. See more in (NYSE:BK) Similar Articles: Market Update (NYSE:BK): BNY Mellon’s Pershing Unveils New Technology Capabilities that Enable Firms to Define Their Own Digital Wealth Management Experience Company Update: The Bank of New York Mellon Corporation (NYSE:BK) – BNY Mellon’s Pershing Launches Two-Part Series on Fiduciary Practices and Conflicts of Interest for Broker-Dealers and Hybrid Firms Company Update (NYSE:BK): BNY Mellon Announces Lisa Dolly as the Next Chief Executive Officer of Pershing LLC
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