BNY Mellon in $2.7 B Deal with Atherton, Verizon Net Swings to Profit

Mukesh Buch
21 Jan, 2016
New York City

BNY Mellon net surged two-fold and agreed to acquire the assets of Atherton Lane Advisers for $2.7 billion. BB&T net declined 9%. Fifth Third Bancorp net surged 75%. F5 Networks net rose 0.7%. J B Hunt profit jumped 6%. Key Corp net plunged 11%. Verizon net swung to profit.

[R]11:10 AM New York – BNY Mellon net surged two-fold and agreed to acquire the assets of Atherton Lane Advisers for $2.7 billion. BB&T net declined 9%. Fifth Third Bancorp net surged 75%. F5 Networks net rose 0.7%. J B Hunt profit jumped 6%. Key Corp net plunged 11%. Verizon net swung to profit.[/R]

Tollbooth Index jumped 127.62 or 1.3% to 10,008.18.

Earnings Review

Bank of New York Mellon Corp ((BK)) jumped 3.2% or $1.13 to $36.60 after the banking and investment services provider said total revenues in the fourth-quarter ending in December rose 1% from a year ago to $3.73 billion.

Net income in the quarter surged two-fold to $637 million or 57 cents per diluted share compared to $209 million or 18 cents per share from the same quarter last year.

Separately, the bank agreed to acquire the assets of Atherton Lane Advisers, LLC, an independent investment manager serving about 700 high net worth clients for about $2.7 billion.

The transaction is expected to close in the second-quarter.

BB&T Corporation ((BBT)) dropped 2.5% or 87 cents to $31.97 after the financial services provider said total interest income in the fourth-quarter ending in December soared 11.8% from a year ago to $1.70 billion.

Net income in the quarter declined 8.9% to $502 million or 64 cents per diluted share compared to $551 million or 75 cents per share from the same quarter last year.

Fifth Third Bancorp ((FITB)) slumped 2.3% or 38 cents to $16.15 after the banking services provider said net interest income in the fourth-quarter ending in December grew 2% from a year ago to $904 million.

Net income in the quarter surged 75% to $634 million or 79 cents per diluted share compared to $362 million or 43 cents per share from the same quarter last year.

F5 Networks, Inc ((FFIV)) rose 1% or 92 cents to $90.83 after the software developer reported revenues in the first-quarter ending in December soared 6% from a year ago to $489.5 million.

Net income in the quarter edged up 0.7% to $89.7 million or $1.28 per diluted share compared to $89.1 million or $1.21 per share from the same quarter last year.

J B Hunt Transport Services Inc ((JBHT)) increased 2.4% or $1.56 to $67.28 after the logistics services provider stated revenues in the fourth-quarter ending in December rose 1% from a year ago to $1.62 billion.

Net income in the quarter jumped 5.8% to $116.7 million or $1.01 per diluted share compared to $110.3 million or 93 cents per share from the same quarter last year.

Key Corporation ((KEY)) advanced 2.1% or 24 cents to $11.44 after the banking services provider said revenues in the fourth-quarter ending in December were nearly flat from a year ago at $1.09 billion.

Net income in the quarter plunged 11.3% to $220 million or 26 cents per diluted share compared to $248 million or 28 cents per share from the same quarter last year.

Verizon Communications Inc ((VZ)) gained 1.9% or 86 cents to $45.28 after the wireless broadband services provider reported total revenues in the fourth-quarter ending in December increased 3.2% from a year ago to $34.25 billion.

Net in the quarter swung to profit $5.51 billion or $1.32 per diluted share compared to a loss of $2.15 billion or 54 cents per share from the same quarter last year.

During the quarter, Verizon added net 1.5 million retail post-paid wireless connections and increased total to 112.1 million retail connections.