What’s Propelling Bank of New York Mellon Corp (BK) to Reach 52-Week High?

June 19, 2017 - By Adrian Mccoy

Investors sentiment increased to 0.97 in Q4 2016. Its up 0.07, from 0.9 in 2016Q3. It is positive, as 45 investors sold Bank of New York Mellon Corp shares while 317 reduced holdings. 122 funds opened positions while 230 raised stakes. 846.88 million shares or 1.27% more from 836.26 million shares in 2016Q3 were reported.
Lazard Asset Mgmt Llc accumulated 0% or 3,919 shares. Blackrock Institutional Tru Na invested 0.2% of its portfolio in Bank of New York Mellon Corp (NYSE:BK). Envestnet Asset Mngmt stated it has 181,798 shares. Pacific Global Invest Management Company stated it has 0.1% of its portfolio in Bank of New York Mellon Corp (NYSE:BK). Planning stated it has 7,382 shares or 0.03% of all its holdings. Moreover, Evercore Wealth Mngmt Ltd Liability has 0.02% invested in Bank of New York Mellon Corp (NYSE:BK) for 8,966 shares. Cacti Asset Mngmt Ltd Com holds 3.12% or 698,715 shares in its portfolio. Moreover, Bank & Trust Of Mellon has 0.11% invested in Bank of New York Mellon Corp (NYSE:BK). Moreover, Loeb Prtnrs Corp has 1.67% invested in Bank of New York Mellon Corp (NYSE:BK). Checchi Cap Advisers reported 10,667 shares. Investec Asset Mngmt holds 1.22% or 4.93M shares in its portfolio. Hightower Advisors Limited Company has 91,587 shares. Rhumbline Advisers owns 0.21% invested in Bank of New York Mellon Corp (NYSE:BK) for 1.72 million shares. Dekabank Deutsche Girozentrale holds 0.07% or 138,771 shares. Howe Rusling holds 0% of its portfolio in Bank of New York Mellon Corp (NYSE:BK) for 77 shares.

The stock of Bank of New York Mellon Corp (NYSE:BK) hit a new 52-week high and has $53.81 target or 7.00 % above today’s $50.29 share price. The 6 months bullish chart indicates low risk for the $52.41B company. The 1-year high was reported on Jun, 19 by Barchart.com. If the $53.81 price target is reached, the company will be worth $3.67B 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 566,311 shares traded. Bank of New York Mellon Corp (NYSE:BK) has risen 13.98% since June 19, 2016 and is uptrending. It has underperformed by 2.72% the S&P500.

Investors wait Bank of New York Mellon Corp (NYSE:BK) to report on July, 20. its quarterly earnings Wall Street analysts expect $0.84 EPS, up $0.08 or 10.53 % from last year’s $0.76 same quarter earnings. This translates into $875.58M profit for BK giving the stock a 14.97 P/E. This is assuming the current $0.84 EPS is accurate. Bank of New York Mellon Corp’s Wall Street analysts see 5.00 % EPS growth, taking into account the $0.80 EPS reproted in the previous quarter,

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

Among 19 analysts covering The Bank Of New York Mellon Corporation (NYSE:BK), 8 have Buy rating, 1 Sell and 10 Hold. Therefore 42% are positive. The Bank Of New York Mellon Corporation had 46 analyst reports since July 22, 2015 according to SRatingsIntel. The firm earned “Buy” rating on Wednesday, April 26 by Rafferty. Argus Research maintained Bank of New York Mellon Corp (NYSE:BK) on Tuesday, July 21 with “Buy” rating. Deutsche Bank maintained the shares of BK in report on Monday, July 18 with “Buy” rating. The stock has “Mkt Perform” rating by Keefe Bruyette & Woods on Friday, January 20. Bernstein upgraded Bank of New York Mellon Corp (NYSE:BK) rating on Wednesday, August 5. Bernstein has “Outperform” rating and $56 target. On Wednesday, September 9 the stock rating was upgraded by Deutsche Bank to “Buy”. The rating was maintained by Deutsche Bank on Thursday, March 17 with “Buy”. As per Friday, January 6, the company rating was downgraded by JP Morgan. The stock has “Outperform” rating by Keefe Bruyette & Woods on Friday, October 21. The firm has “Overweight” rating given on Friday, January 22 by Barclays Capital.

More notable recent Bank of New York Mellon Corp (NYSE:BK) news were published by: Prnewswire.com which released: “BNY Mellon Appoints Rohan Singh as Asia Pacific Head of Asset Servicing” on June 14, 2017, also Bna.com with their article: “Investor Suit Over BNY Mellon Forex Fines Before Del. High Court” published on June 12, 2017, Prnewswire.com published: “BNY Mellon’s Pershing Launches Its Integrated Wealth Experience” on June 14, 2017. More interesting news about Bank of New York Mellon Corp (NYSE:BK) were released by: Prnewswire.com and their article: “BNY Mellon’s Lockwood Launches New Investment Solution with American Funds at …” published on June 14, 2017 as well as Reuters.com‘s news article titled: “BRIEF-Bank of New York Mellon formed a wholly-owned subsidiary, BNY Mellon …” with publication date: May 31, 2017.

The Bank of New York Mellon Corporation is an investments company. The company has market cap of $52.41 billion. The Firm operates businesses through two divisions: Investment Management and Investment Services. It has a 15.51 P/E ratio. The Firm also has an Other segment, which includes the leasing portfolio, corporate treasury activities , derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

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