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Summary
- The S&P 500 index fell by 0.01%, while the S&P 500 Financials index rose by 0.55% on the same day.
- Bank of America, a leading asset management and banking firm, surged by 2.33% on an intraday basis as on Tuesday.
- The Bank of New York Mellon reported an intraday price increase of 3.82% as at Tuesday’s closing price.
The broad market index, the S&P 500, fell by 0.01% on Tuesday. Meanwhile, the S&P 500 Financials index was 0.55% higher on an intraday basis on the same day.
Many financial sector stocks reported their financial results during the previous week. Two stocks that saw higher-than-market-average gains for the day include M&T Bank Corp and The Bank of New York Mellon Corp.
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Here is a closer look at these two stocks and their financial results:
Bank of America (NYSE: BAC)
Bank of America is a leading asset management and banking firm, with its assets exceeding US$ 2.5 trillion.
In Q3 2023, net earnings experienced a 10% increase, reaching US$ 7.8 billion, or US$ 0.90 per diluted share, in contrast to US$ 7.1 billion, or US$ 0.81 per diluted share in Q3 2022. Additionally, revenue, after accounting for interest expenses, saw a 3% uptick during the quarter, amounting to US$ 25.2 billion.
Its net income in the consumer banking segment was US$2.9 billion for the quarter, with revenue surging 6% to US$ 10.5 billion. Meanwhile, the net income in the global wealth and investment management segment was US$ 1 billion.
BAC Price Chart; Powered By: TradingView
Based on Tuesday’s closing price of US$ 27.62, BAC has a dividend yield of 3.84%. As at Tuesday’s closing price, BAC was 2.33% higher on an intraday basis. Meanwhile, it was 16.88% lower on a YTD basis at Wednesday’s market close.
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The Bank of New York Mellon Corporation (NYSE: BK)
BNY Mellon specializes in overseeing financial assets at various stages of the investment process. The company manages approximately US $2.2 trillion in assets.
The bank reported an overall revenue of US$ 4.4 billion in Q3 2023, which saw a 2% rise. The net interest revenue experienced a 10% increase for the quarter. Meanwhile, the fee revenue remained unchanged.
BNY Mellon also returned US$783 million to common shareholders in Q3 2023. Diluted earnings per common share amounted to US$ 1.22 for the quarter.
BK Price Chart; Powered By: TradingView
Based on Tuesday’s closing price of US$ 43.44, BK has a dividend yield of 3.87$ and a P/E ratio of 9.8x. As at Tuesday’s close, BK rose by 3.82% intraday but was lower by 5.52% on a YTD basis.
