What Happened?
Shares of global financial services company BNY NYSE: BK) jumped 4% in the morning session after Barclays adjusted its price target on the company to $143 from $120, while it maintained an Overweight rating on the shares.
The stock's rise also came as it reached an all-time high of $119.43, which reflected strong investor confidence following a 55% increase in the stock's value over the previous year. The positive move was further supported by a favorable outlook for the broader banking sector, which was expected to see steady performance due to sustained credit growth. A general rally in global markets at the start of the trading week also provided a positive backdrop for equities.
After the initial pop the shares cooled down to $121.69, up 4% from previous close.
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What Is The Market Telling Us
BNY’s shares are not very volatile and have only had 4 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
BNY is up 4% since the beginning of the year, and at $121.69 per share, has set a new 52-week high. Investors who bought $1,000 worth of BNY’s shares 5 years ago would now be looking at an investment worth $2,886.
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