The Bank of New York Mellon Corporation (NYSE:BK) is one of the worst performers on the stock market today. At current price of $46.86, the shares have already lost -3.83 points (-7.56% lower) from its previous close of $50.69. Should you buy or avoid them? The stock sets an active trading volume day with a reported 3230788 contracts so far this session. BK shares had a relatively better volume day versus average trading capacity of 4.09 million shares, but with a 0.92 billion float and a -1.21% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for BK stock indicates that the average analyst price target is $54.88 per share. This means the stock has a potential increase of 17.11% from where the BK share price has been trading recently.
During the recent trading session for The Bank of New York Mellon Corporation (NYSE:BK), the company witnessed their stock drop by $-4.45 over a week and tumble down $-4.13 from the price 20 days ago. When compared to their established 52-week high of $54.27, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 03/19/19. The recent low of $40.52 stood for a -13.65% since 08/28/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.08 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for The Bank of New York Mellon Corporation, the two-week RSI stands at 28.76. This figure suggests that BK stock, for now, is overbought, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current BK readings is similarly very revealing as it has a stochastic reading of 42.32% at this stage. This figure means that BK share price today is being neutral.
Technical chart claims that The Bank of New York Mellon Corporation (BK) would settle between $50.93/share to $51.17/share level. However, if the stock price goes below the $50.41 mark, then the market for The Bank of New York Mellon Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $50.13 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.97. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Wolfe Research raised their recommendation on shares of BK from Peer Perform to Outperform in their opinion released on January 06. Standpoint Research, analysts launched coverage of The Bank of New York Mellon Corporation (NYSE:BK) stock with a Accumulate recommendation, according to their flash note issued to investors on December 23. Analysts at UBS released an upgrade from Neutral to Buy for the stock, in a research note that dated back to November 11.
BK equity has an average rating of 2.29, with the figure leaning towards a bullish end. 16 analysts who tracked the company were contacted by Reuters. Amongst them, 12 rated the stock as a hold while the remaining 4 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 2 analysts rated The Bank of New York Mellon Corporation (NYSE:BK) as a buy or a strong buy while 2 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, BK stock price is currently trading at 11.81X forward 12-month Consensus EPS estimates, and its P/E ratio is 13.2 while for the average stock in the same group, the multiple is 18.4. The Bank of New York Mellon Corporation current P/B ratio of 1.2 means it is trading at a discount against its industry’s 1.7.
The Bank of New York Mellon Corporation (BK)’s current-quarter revenues are projected to climb by nearly -1.7% to hit $3.94 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -4.5% from $16.39 billion to a noteworthy $15.66 billion. At the other end of the current quarter income statement, The Bank of New York Mellon Corporation is expected to see its adjusted earnings surge by roughly 2% to hit $1.01 per share. For the fiscal year, BK’s earnings are projected to climb by roughly -4.8% to hit $4.01 per share.