Monitoring The Bank of New York Mellon Corporation (BK) after recent insider movements

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The Bank of New York Mellon Corporation’s recent filing unveils that its Sr. Exec. Vice President Smits Hanneke unloaded Company’s shares for reported $0.72 million on Nov 09. In the deal valued at $42.29 per share,16,960 shares were sold. As a result of this transaction, Smits Hanneke now holds 82,256 shares worth roughly $ 4.03 million.

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Then, McCarthy J Kevin sold 20,000 shares, generating $787,314 in total proceeds. Upon selling the shares at $39.37, the SEVP & General Counsel now owns 108,686 shares.

Before that, GIBBONS THOMAS P sold 134,000 shares. The Bank of New York Mellon Corporation shares valued at $5,794,240 were divested by the Chief Executive Officer at a price of $43.24 per share. As a result of the transaction, GIBBONS THOMAS P now holds 0 shares, worth roughly $0.0.

PT values the company’s stock at a premium of 12.45 to its Friday closing price. A number of analysts have revised their coverage, including Wolfe Research’s analysts, who increased its forecast for the stock in early January from “a Peer perform” to “an Outperform”. Goldman also remained covering BK and has increased its forecast on January 04, 2023 with a “Buy” recommendation from previously “Neutral” rating. Morgan Stanley revised its rating on December 06, 2022. It rated BK as “an Underweight” which previously was an “an Equal-weight”.

Price Performance Review of BK

On Friday, The Bank of New York Mellon Corporation [NYSE:BK] saw its stock jump 1.81% to $49.03. On the same session, the stock had its day’s lowest price of $47.63, but rose to a high of $49.665. Over the last five days, the stock has gained 2.25%. The Bank of New York Mellon Corporation shares have risen nearly 7.71% since the year began. Nevertheless, the stocks have fallen -22.85% over the past one year. While a 52-week high of $64.63 was reached on 01/13/23, a 52-week low of $36.22 was recorded on 01/03/23. SMA at 50 days reached $44.94, while 200 days put it at $43.62. A total of 13.42 million shares were traded, compared to the trading of 8.97 million shares in the previous session.

Levels Of Support And Resistance For BK Stock

The 24-hour chart illustrates a support level at 47.88, which if violated will result in even more drops to 46.74. On the upside, there is a resistance level at 49.92. A further resistance level may holdings at 50.81. The Relative Strength Index (RSI) on the 14-day chart is 74.32, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.62, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 11.62%. Stochastics %K at 86.21% indicates the stock is a selling.

How much short interest is there in The Bank of New York Mellon Corporation?

A steep rise in short interest was recorded in The Bank of New York Mellon Corporation stocks on Oct 13, 2022, dropping by -0.91 million shares to a total of 6.65 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 7.56 million shares. There was a decline of -13.68%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 0.82% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.28.

The Bank of New York Mellon Corporation [BK] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 64,497,837 shares, or roughly 7.98% of the outstanding BK shares. In other words, the investor’s shares have risen by 1,191,294 from its previous 13-F filing of 63306543.0. Additionally, Berkshire Hathaway, Inc. decreased -14.02% of its stake after which the total value it holdings stand at $2,831,839,167, while Dodge & Cox reduced -1.18% of its stake to hold $2.64 billion in the firm. Over the last quarter, BlackRock Fund Advisors sold -173,251 shares of The Bank of New York Mellon Corporation, while SSgA Funds Management, Inc. sold -253,412 shares. At present, Artisan Partners LP is holding 21,919,873 shares valued at $997.79 million. First Eagle Investment Management owned 16,482,674 shares of the company at the time of its most recent 13F filing, worth $750.29 million.

According to FactSet, The Bank of New York Mellon Corporation’s share price will average $54.65 in the next year, based on opinions of analysts polled by the firm. This is up nearly 12.13 percent from its previous closing price of $48.16. Analysts expect The Bank of New York Mellon Corporation stock to reach the higher price of $64.00, while the lowest price estimate is $44.00. However, 19 analysts have rated BK stock as an Overweight in their predictions for 2023.

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