Bank of New York Mellon (BK) Soars 14.85% in 16 Days, Hits Record High

New York Mellon Bank (BK) rose 0.29%, marking its 16th consecutive day of gains, with a 14.85% increase over the past 16 days. The share price surged to a record high today, with an intraday decline of NaN%.

The strategy of buying BK shares after they reached a recent high and holding for 1 week yielded moderate returns over the past 5 years, with a 7.5% annualized return. This result indicates that the strategy captured some of the subsequent price appreciation, but the returns were not significantly boosted by it, likely due to the relatively short holding period and the volatility inherent in financial stocks.

UBS Group has increased its price target for Bank of New York Mellon shares from $88.00 to $94.00, assigning a "buy" rating to the company. This move is expected to positively influence the stock price, as it reflects a bullish outlook on the company's future performance.

Moody's has downgraded the deposit and senior unsecured debt ratings for some units of Bank of New York Mellon Corp, reducing them to Aa2. This downgrade could negatively impact investor sentiment and the stock price, as it suggests a higher risk profile for the company's debt instruments.