Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Bank Of New York Mellon Corp shares valued at $246,530 were sold by Keating Catherine on Feb 08 ’24. At $54.81 per share, Keating Catherine sold 4,498 shares. The insider’s holdings dropped to 123,490 shares worth approximately $6.84 million following the completion of this transaction.
Also, Keating Catherine sold 31,322 shares, netting a total of over 1,723,072 in proceeds. Following the sale of shares at $55.01 each, the insider now holds 95,714 shares.
Before that, Smits Hanneke had sold 15,425 shares from its account. In a trade valued at $850,786, the Sr. Exec. Vice President traded Bank Of New York Mellon Corp shares for $55.16 each. Upon closing the transaction, the insider’s holdings decreased to 15,425 shares, worth approximately $6.63 million.
As published in a research note from Morgan Stanley on January 30, 2024, Bank Of New York Mellon Corp [BK] has been rated up from an Underweight to an Equal-weight and the price target has been revised to $62 from $52. Analysts at JP Morgan upgraded the stock from ‘”a Neutral”‘ to ‘”an Overweight”‘ outlook in a report released in mid December. Earlier on January 04, 2023, Wolfe Research upgraded its rating. Their new recommendation was “an Outperform” for BK stock which previously was a “a Peer perform”.
Analyzing BK Stock Performance
During the last five days, there has been a drop of approximately -2.47%. Over the course of the year, Bank Of New York Mellon Corp shares have jumped approximately 6.38%. Shares of the company reached a 52-week high of $58.28 on 04/04/24 and a 52-week low of $51.79 on 01/03/24. A 50-day SMA is recorded $55.74, while a 200-day SMA reached $48.77. Nevertheless, trading volume fell to 3.38 million shares from 3.43 million shares the previous day.
Support And Resistance Levels for Bank Of New York Mellon Corp (BK)
According to the 24-hour chart, there is a support level at 54.79, which, if violated, would cause prices to drop to 54.21. In the upper region, resistance lies at 55.83. The next price resistance is at 56.30. RSI (Relative Strength Index) is 43.13 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.68, which suggests the price will decrease in the coming days. Percent R is at 80.69%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Bank Of New York Mellon Corp subject to short interest?
Stocks of Bank Of New York Mellon Corp saw a sharp steep in short interest on Mar 28, 2024 dropping by -0.41 million shares to 7.07 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 7.48 million shares. A decline of -5.8% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.87 of the overall float, the days-to-cover ratio (short ratio) decline to 1.87.
