Bank New York Mellon Corp Stock Price, News & Analysis

BNY has released the results of its 2024 Voice of Community Banks Survey, conducted with Harris Poll. The survey polled key decision-makers in community banks across the United States on topics including digital banking solutions and fintech collaborations.

Key findings include:

• Over 90% of community banks are looking to initiate digital transformations, but less than 20% see themselves as data analytics experts.
• Nearly 30% believe launching new technology services focused on efficiency and security is critical for competitiveness.
• 100% of banks looking to expand capabilities want to provide wealth management services, and over 95% are interested in treasury services.

The survey highlights community banks' eagerness to collaborate with large institutions and fintechs on solutions for enhancing customer satisfaction and managing operations. BNY's Community Banking & Solutions team aims to support these banks in finding the right solutions for their needs.

BNY has announced a decrease in its Prime Lending Rate by 0.50 percentage points, from 8.50% to 8.00%. This change will take effect on Thursday, September 19, 2024. The Prime Lending Rate is a key benchmark used by banks to set interest rates for various types of loans, including credit cards, mortgages, and business loans.

This reduction in the Prime Lending Rate could potentially impact borrowing costs for consumers and businesses, making loans more affordable. It may also affect interest rates on savings accounts and certificates of deposit. The decision to lower the rate may be influenced by broader economic factors and monetary policy decisions.

BNY (NYSE: BK) has announced the redemption of its Floating Rate Senior Notes due October 25, 2024. The redemption will cover all outstanding Notes with an aggregate principal amount of $400 million. The redemption date is set for September 25, 2024, with the redemption price equaling 100% of the principal amount plus any accrued and unpaid interest up to, but excluding, the redemption date. After this date, the Notes will no longer be outstanding, and interest will cease to accrue. The payment will be processed through The Depository Trust Company facilities.

America250, in collaboration with BNY, has launched the second installment of 'America's Field Trip' - a nationwide scholastic contest for students in grades 3-12. The contest, running from September 16, 2024, to April 16, 2025, invites students to submit artwork or writing reflecting on what America means to them.

First-place awardees will receive an all-expenses-paid field trip experience to iconic American historical and cultural sites, while second-place winners will receive a $500 cash award. The contest aims to foster a deeper understanding of shared history and values among young people as part of the 250th anniversary celebration of the Declaration of Independence's signing.

BNY is supporting this initiative, and Discovery Education has developed educational resources to help teachers integrate the contest into their classrooms. The contest is open to all U.S. students, with different submission requirements for each grade band.

BNY (NYSE: BK) has announced the launch of Alts Bridge, a comprehensive platform designed to simplify access to alternative and private market investments for wealth intermediaries, advisors, and investors. The platform will offer a curated suite of leading alternative asset managers and provide features across pre-, at-, and post-trade processes, including advisor education, automated document preparation, and integrated reporting.

Key highlights:

• Alts Bridge aims to address the growing demand for alternative investments in wealth management
• The platform will initially integrate with BNY Pershing X's Wove advisory platform and NetX360+
• It leverages BNY's expertise across investment management, advisory, and wealth technology
• Expected launch for U.S. RIAs and IBDs in fall 2024

BNY (NYSE: BK) has announced its plan to acquire Archer, a leading provider of managed account solutions for the asset and wealth management industry. This strategic acquisition aims to enhance BNY's capabilities across the entire managed account ecosystem, including manufacturing, distribution, and servicing. Archer's fully integrated, cloud-based platform offers asset and wealth managers a multi-product and multi-channel solution.

The integration of Archer's solutions will allow BNY to offer fully integrated, end-to-end retail managed account solutions across its platform. This move is expected to capitalize on the projected growth of the retail managed account market, which is forecasted to exceed $8 trillion in assets over the next three years in the U.S. The transaction is anticipated to close in the fourth quarter of 2024, subject to regulatory approvals and customary closing conditions.

BNY Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB) has announced a distribution of $0.0300 per share of common stock, payable on October 1, 2024 to shareholders of record as of September 19, 2024. The ex-dividend date is also September 19, 2024. This distribution matches the previous one announced in August.

The Fund aims to make regular monthly distributions at a stable rate based on projected performance. BNY Investment Adviser, Inc., part of BNY Investments, manages the Fund. BNY Investments is a major asset manager with $2.0 trillion in assets under management as of June 30, 2024. BNY, the parent company, has $49.5 trillion in assets under custody and/or administration as of the same date.

BNY Alcentra Global Multi-Strategy Credit Fund, Inc. (Ticker: XALCX) has declared a distribution of $2.00 per share of common stock, payable on September 27, 2024, to shareholders of record as of September 13, 2024. This matches the previous quarterly distribution declared in May. The Fund aims to distribute all or part of its net investment income quarterly, potentially distributing less than the full amount earned to maintain stability. BNY Investment Adviser, Inc. manages the Fund as part of BNY Investments, which oversees $2.0 trillion in assets as of June 30, 2024. The Fund's distribution policy may change based on various factors, including market conditions and the Board of Directors' decisions.

BNY Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE: DCF) has declared a monthly distribution of $0.035 per share of common stock, payable on September 26, 2024. The ex-dividend date is September 12, 2024. This matches the previous distribution declared in July.

The Fund aims to pay most of its net income to shareholders through monthly dividends, though this policy may change. BNY Investment Adviser, Inc., the Fund's investment adviser, is part of BNY Investments, which manages $2.0 trillion in assets as of June 30, 2024. BNY Investments is a division of BNY, which has $49.5 trillion in assets under custody and/or administration.

As a closed-end fund, DCF is traded on the secondary market through stock exchanges. Investors should note that the Fund's returns and share values may fluctuate, and shares may trade at a premium or discount to the net asset value.