Potential Price Increase for The Bank of New York Mellon Corporation (BK) After Recent Insider Activity


In a filing, The Bank of New York Mellon Corporation revealed its Corporate Controller Kurimsky Kurtis R. unloaded Company’s shares for reported $0.64 million on Aug 04. In the deal valued at $45.64 per share,14,045 shares were sold. As a result of this transaction, Kurimsky Kurtis R. now holds 23,816 shares worth roughly $ 1.08 million.

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Then, McCarthy J Kevin sold 35,000 shares, generating $1,621,410 in total proceeds. Upon selling the shares at $46.33, the SEVP & General Counsel now owns 98,102 shares.

Before that, Smits Hanneke sold 16,960 shares. The Bank of New York Mellon Corporation shares valued at $717,238 were divested by the Sr. Exec. Vice President at a price of $42.29 per share. As a result of the transaction, Smits Hanneke now holds 82,256 shares, worth roughly $3.72 million.

PT values the company’s stock at a premium of 19.29 to its Tuesday closing price.

Price Performance Review of BK

On Tuesday, The Bank of New York Mellon Corporation [NYSE:BK] saw its stock fall -0.48% to $45.20. On the same session, the stock had its day’s lowest price of $45.15, but rose to a high of $45.92. Over the last five days, the stock has gained 2.15%. The Bank of New York Mellon Corporation shares have fallen nearly -0.70% since the year began. Nevertheless, the stocks have risen 9.28% over the past one year. While a 52-week high of $52.26 was reached on 02/14/23, a 52-week low of $36.22 was recorded on 05/16/23. SMA at 50 days reached $44.68, while 200 days put it at $45.35. A total of 4.54 million shares were traded, compared to the trading of 5.15 million shares in the previous session.

Levels Of Support And Resistance For BK Stock

The 24-hour chart illustrates a support level at 44.93, which if violated will result in even more drops to 44.65. On the upside, there is a resistance level at 45.70. A further resistance level may holdings at 46.19. The Relative Strength Index (RSI) on the 14-day chart is 56.00, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.01, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 22.71%. Stochastics %K at 85.00% 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 Aug 14, 2023, dropping by -0.47 million shares to a total of 5.36 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 5.83 million shares. There was a decline of -8.77%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 0.69% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.15.

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 67,140,484 shares, or roughly 8.51% of the outstanding BK shares. In other words, the investor’s shares have fallen by -2,212,275 from its previous 13-F filing of 69352759.0. Additionally, Dodge & Cox decreased -0.83% of its stake after which the total value it holdings stand at $2,691,452,292, while BlackRock Fund Advisors reduced -1.75% of its stake to hold $1.77 billion in the firm. Over the last quarter, SSgA Funds Management, Inc. purchased 526,561 shares of The Bank of New York Mellon Corporation, while Artisan Partners LP bought -211,498 shares. At present, First Eagle Investment Management is holding 16,435,790 shares valued at $745.53 million. Geode Capital Management LLC owned 15,532,722 shares of the company at the time of its most recent 13F filing, worth $704.56 million.

According to FactSet, The Bank of New York Mellon Corporation’s share price will average $53.28 in the next year, based on opinions of analysts polled by the firm. This is up nearly 17.79 percent from its previous closing price of $45.42. Analysts expect The Bank of New York Mellon Corporation stock to reach the higher price of $62.00, while the lowest price estimate is $45.00. However, 20 analysts have rated BK stock as an Overweight in their predictions for 2023.


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