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.
FREE Dividend Stock Newsletter
Get the Dividend.com email newsletter to receive:
- A free copy of our acclaimed report, 5 Rules of Winning Dividend Stock Investing
- Free daily investing tips and picks from Dividend.com CEO Paul Rubillo
- Tons of great market analysis and recommendations