The stock of Bank of New York Mellon Corp (NYSE:BK) hit a new 52-week high and has $70.99 target or 59.00% above today’s $44.65 share price. The 6 months bullish chart indicates low risk for the $47.51 billion company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $70.99 price target is reached, the company will be worth $28.03B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 2.76 million shares traded hands. Bank of New York Mellon Corp (NYSE:BK) has risen 23.02% since April 7, 2016 and is uptrending. It has outperformed by 18.23% the S&P500.
Bank of New York Mellon Corp (NYSE:BK) Ratings Coverage
Out of 14 analysts covering The Bank Of New York Mellon Corporation (NYSE:BK), 9 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 64% are positive. $56 is the highest target while $38 is the lowest. The $46.07 average target is 3.18% above today’s ($44.65) stock price. The Bank Of New York Mellon Corporation has been the topic of 34 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Friday, October 21 by Keefe Bruyette & Woods. Deutsche Bank maintained the stock with “Buy” rating in Thursday, June 16 report. Jefferies maintained Bank of New York Mellon Corp (NYSE:BK) on Monday, July 11 with “Hold” rating. As per Wednesday, October 7, the company rating was maintained by Jefferies. The firm has “Outperform” rating given on Wednesday, August 5 by Bernstein. The stock of Bank of New York Mellon Corp (NYSE:BK) earned “Buy” rating by Deutsche Bank on Wednesday, October 21. The stock of Bank of New York Mellon Corp (NYSE:BK) has “Buy” rating given on Friday, May 27 by Deutsche Bank. The rating was upgraded by Morgan Stanley on Friday, October 21 to “Equal-Weight”. The rating was upgraded by JP Morgan to “Overweight” on Thursday, January 7. maintained Bank of New York Mellon Corp (NYSE:BK) rating on Monday, October 10. has “Hold” rating and $43 price target.
According to Zacks Investment Research, “Bank of New York is a bank holding company and one of the world’s larger financial institutions. They provide comprehensive financial services to individuals, small and mid-sized businesses, multinational corporations, financial institutions, governments and public agencies worldwide. Their products and services are organized into five business lines: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Markets and Retail Banking.”
Insitutional Activity: The institutional sentiment decreased to 0.82 in Q2 2016. Its down 0.07, from 0.89 in 2016Q1. The ratio dropped, as 64 funds sold all Bank of New York Mellon Corp shares owned while 287 reduced positions. 46 funds bought stakes while 243 increased positions. They now own 852.69 million shares or 3.83% less from 886.64 million shares in 2016Q1.
Strs Ohio has 0.16% invested in the company for 937,312 shares. Cleararc last reported 0.2% of its portfolio in the stock. Qs Ltd Liability Corporation reported 399,733 shares or 0.13% of all its holdings. Brave Asset Mgmt has 1,886 shares for 0.05% of their US portfolio. Pennsylvania Trust has invested 0.02% of its portfolio in Bank of New York Mellon Corp (NYSE:BK). Capital One Association has 0.21% invested in the company for 64,467 shares. Bartlett And Ltd Llc accumulated 0.09% or 45,139 shares. Endeavour Capital Advsr Inc has 295,730 shares for 0.86% of their US portfolio. Comerica Comml Bank accumulated 0.09% or 263,105 shares. The Minnesota-based Sit Associates Inc has invested 0.01% in Bank of New York Mellon Corp (NYSE:BK). Kings Point Management has 9,566 shares for 0.1% of their US portfolio. Natixis Asset Mgmt owns 7,042 shares or 0.03% of their US portfolio. Barbara Oil has invested 2.5% of its portfolio in Bank of New York Mellon Corp (NYSE:BK). Moreover, Sumitomo Mitsui Asset Management Co Ltd has 0.1% invested in Bank of New York Mellon Corp (NYSE:BK) for 82,946 shares. Neuberger Berman Group Ltd Liability has 0.07% invested in the company for 1.37M shares.
More notable recent Bank of New York Mellon Corp (NYSE:BK) news were published by: Blogs.Wsj.com which released: “Fiserv Hires BNY Mellon Fintech Veteran as CIO” on November 02, 2016, also Bloomberg.com with their article: “BNY Mellon Profit Beats Estimates on Increase in Fee Revenue” published on October 20, 2016, Bloomberg.com published: “BNY Mellon’s Trian Times” on October 20, 2016. More interesting news about Bank of New York Mellon Corp (NYSE:BK) were released by: Prnewswire.com and their article: “BNY Mellon Wealth Management named 2017 Best Private Bank for New Customer …” published on November 04, 2016 as well as Thestreet.com‘s news article titled: “Will BNY Mellon (BK) Post Solid Q3 Results on Thursday?” with publication date: October 19, 2016.
BK Company Profile
The Bank of New York Mellon Corporation (BNY Mellon), incorporated on February 9, 2007, is an investments company. The Firm operates businesses through two divisions: Investment Management and Investment Services. The Firm also has an Other segment, which includes credit-related services; the leasing portfolio; corporate treasury activities, including its investment securities portfolio; its equity interest in ConvergEx Group; business exits, and corporate overhead. The Firm has over $1.6 trillion in assets under management.
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