Is the Bank of New York's Stock Headed to $40 and Beyond?

Filed under: Bank of New York (BK), Stocks to Buy

The Bank of New York Mellon (BK), which I first wrote about on April 6, 2009 at a price of $28.16, has pushed through $30 resistance, and the business model is obviously still favored in this neck of the woods. Here's why:



Founded by Alexander Hamilton, the Bank of New York, a premier bank and wealth manager, is a good stock to be patient with. BK's 2011 revenue will likely rise 8-10%, then about 7-9% in 2012, on higher fees and improving margins. Asset management fees in its equities and fixed income business should record solid increases, on price gains in those markets and due to increased client deposits. New business wins add to the positive mix.

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Is the Bank of New York's Stock Headed to $40 and Beyond? originally appeared on BloggingStocks on Fri, 04 Feb 2011 17:00:00 EST. Please see our terms for use of feeds.

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