According to sources with knowledge of the matter, Bank of New York Mellon Corp intends to open an office in Saudi Arabia as early as Q2 this year, as it explores opportunities to service the countrys foreign assets. The bank already manages foreign funds held by entities outside Saudi Arabia that are linked with the kingdoms government. However, the establishment of an office in Riyadh would allow the group to maintain a closer relationship with customers.
Shares of BNY Mellon Corp closed lower for a third consecutive trading session on Thursday. It has also been the steepest daily loss since February 8th. The stock went down 2.67% ($1.52) to $55.51, after touching an intraday low at $55.12, or a price level not seen since February 14th ($54.53).
In the week ended on February 25th the shares of the investment group added 1.16% to their market value compared to a week ago, which marked a second consecutive period of gains.
The stock rose 0.58% in February, which marked a second straight month of gains. Yet, it has been the smallest monthly increase since May 2017.
For the entire past year, the shares of the NYSE-listed banking group went up 13.68% following another 14.94% surge in 2016.
“BNY Mellon has been exploring opportunities and the possibility of establishing a presence in the Kingdom of Saudi Arabia for some time. These plans are still in development stage. Accordingly, we are not in a position to discuss our future plans at this time”, Bank of New York Mellon said in a statement, cited by Reuters.
According to the sources, at first, BNY Mellon is to have a staff of 5 at its Saudi office.
The bank has already established offices in several countries in the region, including Turkey, Lebanon and United Arab Emirates.
According to the sources, BNY Mellon aims to provide custodian services to large Saudi companies with foreign business operations such as Public Investment Fund and Saudi Aramco among others.
According to CNN Money, the 20 analysts, offering 12-month forecasts regarding BNY Mellon Corp’s stock price, have a median target of $60.00, with a high estimate of $66.00 and a low estimate of $54.00. The median estimate is an 8.09% surge compared to the closing price of $55.51 on March 1st.
The same media also reported that 11 out of 22 surveyed investment analysts had rated BNY Mellon Corp’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the BNY Mellon stock are presented as follows:
R1 – $55.70
R2 – $55.88
R3 (Range Resistance – Sell) – $56.07
R4 (Long Breakout) – $56.62
R5 (Breakout Target 1) – $57.27
R6 (Breakout Target 2) – $57.54
S1 – $55.32
S2 – $55.14
S3 (Range Support – Buy) – $54.95
S4 (Short Breakout) – $54.40
S5 (Breakout Target 1) – $53.75
S6 (Breakout Target 2) – $53.48
By using the traditional method of calculation, the weekly levels of importance for Bank of New York Mellon Corp (BK) are presented as follows:
Central Pivot Point – $56.70
R1 – $57.61
R2 – $58.31
R3 – $59.22
R4 – $60.12
S1 – $56.00
S2 – $55.09
S3 – $54.39
S4 – $53.68
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