Eastern Bank Has $84,000 Holdings in The Bank of New York Mellon Corporation $BK

Eastern Bank trimmed its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 12.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 926 shares of the bank’s stock after selling 133 shares during the period. Eastern Bank’s holdings in Bank of New York Mellon were worth $84,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of BK. Nuveen LLC bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at about $773,627,000. AustralianSuper Pty Ltd bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $92,502,000. Goldman Sachs Group Inc. raised its holdings in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after buying an additional 1,052,145 shares during the period. Wellington Management Group LLP lifted its stake in Bank of New York Mellon by 257.6% in the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock valued at $103,685,000 after buying an additional 890,593 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Bank of New York Mellon by 37.7% in the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock valued at $266,349,000 after buying an additional 887,361 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BK has been the topic of a number of research analyst reports. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. BMO Capital Markets initiated coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price target on the stock. The Goldman Sachs Group upped their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Citigroup increased their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Finally, Evercore ISI boosted their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $106.77.

Bank of New York Mellon Price Performance

NYSE:BK opened at $104.63 on Monday. The company has a market cap of $73.79 billion, a P/E ratio of 15.97, a P/E/G ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $110.87. The stock’s 50-day simple moving average is $105.10 and its 200 day simple moving average is $93.80. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The firm had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. As a group, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio is presently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.