For those looking to find strong Finance stocks, it is prudent to search for companies in the group that are outperforming their peers. Is The Bank of New York Mellon Corporation (BK) one of those stocks right now? By taking a look at the stock’s year-to-date performance in comparison to its Finance peers, we might be able to answer that question.
The Bank of New York Mellon Corporation is a member of the Finance sector. This group includes 871 individual stocks and currently holds a Zacks Sector Rank of #9. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. The Bank of New York Mellon Corporation is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for BK’s full-year earnings has moved 2.8% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that BK has returned about 7.7% since the start of the calendar year. In comparison, Finance companies have returned an average of -8.3%. As we can see, The Bank of New York Mellon Corporation is performing better than its sector in the calendar year.
Another Finance stock, which has outperformed the sector so far this year, is Robinhood Markets, Inc. (HOOD). The stock has returned 14.5% year-to-date.
In Robinhood Markets, Inc.’s case, the consensus EPS estimate for the current year increased 54.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, The Bank of New York Mellon Corporation is a member of the Banks – Major Regional industry, which includes 15 individual companies and currently sits at #94 in the Zacks Industry Rank. This group has lost an average of 11.1% so far this year, so BK is performing better in this area.
Robinhood Markets, Inc. however, belongs to the Financial – Investment Bank industry. Currently, this 16-stock industry is ranked #33. The industry has moved -3.1% so far this year.
The Bank of New York Mellon Corporation and Robinhood Markets, Inc. could continue their solid performance, so investors interested in Finance stocks should continue to pay close attention to these stocks.
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