Bank of New York Mellon Downgraded to "Neutral" at Citigroup (BK)

Bank of New York Mellon Downgraded to “Neutral” at Citigroup (BK)

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Citigroup downgraded The Bank of New York Mellon Corporation (BK) on Friday as the analysts see the financial services company’s current share price as fairly valued.

Citi downgraded BK from “Buy” to “Neutral.”

Bank of New York shares were flat in premarket trading on Friday. The stock is up +33.5% over the last year.

The Bottom Line
Shares of Bank of New York (Bk) have a 1.96% dividend yield, based on last night’s closing stock price of $26.58. The stock has technical support in the $23-$24 price area. If the shares can firm up, we see overhead resistance around the $30 price level.

The Bank of New York Mellon Corporation (BK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.