Stock On Watch: Bank of New York Mellon Corp Hit 52-Week High

Stock On Watch: Bank of New York Mellon Corp Hit 52 Week High

The stock of Bank of New York Mellon Corp (NYSE:BK) hit a new 52-week high and has $50.85 target or 5.00% above today’s $48.43 share price. The 6 months bullish chart indicates low risk for the $51.61 billion company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $50.85 price target is reached, the company will be worth $2.58B 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 4.55 million shares traded hands. Bank of New York Mellon Corp (NYSE:BK) has risen 16.68% since April 28, 2016 and is uptrending. It has outperformed by 10.76% the S&P500.

Analysts await Bank of New York Mellon Corp (NYSE:BK) to report earnings on January, 19. They expect $0.77 EPS, up 13.24% or $0.09 from last year’s $0.68 per share. BK’s profit will be $820.56 million for 15.72 P/E if the $0.77 EPS becomes a reality. After $0.90 actual EPS reported by Bank of New York Mellon Corp for the previous quarter, Wall Street now forecasts -14.44% negative EPS growth.

Bank of New York Mellon Corp (NYSE:BK) Ratings Coverage

Out of 15 analysts covering The Bank Of New York Mellon Corporation (NYSE:BK), 9 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 60% are positive. The Bank Of New York Mellon Corporation has been the topic of 35 analyst reports since July 22, 2015 according to StockzIntelligence Inc. Deutsche Bank maintained it with “Buy” rating and $46 target price in Thursday, March 17 report. On Wednesday, September 9 the stock rating was upgraded by Deutsche Bank to “Buy”. The rating was maintained by CLSA on Friday, September 23 with “Outperform”. Deutsche Bank maintained the stock with “Buy” rating in Friday, August 5 report. The stock of Bank of New York Mellon Corp (NYSE:BK) has “Buy” rating given on Friday, January 22 by UBS. On Friday, January 8 the stock rating was maintained by Deutsche Bank with “Buy”. The rating was upgraded by Bernstein on Wednesday, August 5 to “Outperform”. The stock of Bank of New York Mellon Corp (NYSE:BK) earned “Buy” rating by Deutsche Bank on Monday, July 18. The company was maintained on Sunday, August 9 by Standpoint Research. Buckingham Research downgraded the stock to “Neutral” rating in Monday, November 21 report.

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 increased to 0.9 in Q2 2016. Its up 0.08, from 0.82 in 2016Q1. The ratio improved, 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.
The Maryland-based Price T Rowe Inc Md has invested 0.55% in Bank of New York Mellon Corp (NYSE:BK). Schaller Group owns 7,546 shares or 0.22% of their US portfolio. Tcw Group holds 0.02% or 79,000 shares in its portfolio. Moreover, Peapack Gladstone Fin has 0% invested in Bank of New York Mellon Corp (NYSE:BK) for 9,818 shares. Lpl Finance Ltd holds 0.01% of its portfolio in Bank of New York Mellon Corp (NYSE:BK) for 39,571 shares. Deere & accumulated 74,154 shares or 0.16% of the stock. Farmers & Merchants Investments owns 4,783 shares or 0.02% of their US portfolio. Cypress Mngmt holds 1.89% or 144,860 shares in its portfolio. New York Life, a New York-based fund reported 3,267 shares. Markston Lc holds 129,327 shares or 0.47% of its portfolio. Rockshelter Capital Mngmt Limited holds 247,070 shares or 3.3% of its portfolio. Guggenheim Cap Llc has 693,536 shares for 0.08% of their US portfolio. Chilton Capital Limited Liability Company holds 13,353 shares or 0.05% of its portfolio. Next Financial Gp has 0.28% invested in the company for 22,903 shares. Gamco Invsts Et Al has 6.08M shares for 1.56% of their US portfolio.

More news for Bank of New York Mellon Corp (NYSE:BK) were recently published by: Prnewswire.com, which released: “BNY Mellon’s Pershing Launches BMO® Gold Deposit Receipts Solution for Clients …” on November 28, 2016. Blogs.Wsj.com‘s article titled: “Fiserv Hires BNY Mellon Fintech Veteran as CIO” and published on November 02, 2016 is yet another important article.

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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