Eastern Bank Sells 133 Shares of The Bank of New York Mellon Corporation $BK

Eastern Bank reduced its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 12.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at $25,000. Hoey Investments Inc. bought a new position in Bank of New York Mellon in the 2nd quarter valued at $32,000. Orion Capital Management LLC bought a new position in shares of Bank of New York Mellon in the first quarter valued at about $32,000. Finally, Cornerstone Planning Group LLC lifted its position in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after buying an additional 196 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 2.1%

BK opened at $104.63 on Monday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $73.79 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The firm has a 50 day simple moving average of $105.10 and a 200 day simple moving average of $93.80. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87.

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

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. This is a boost 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%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is currently 32.37%.

Analysts Set New Price Targets

BK has been the topic of several research reports. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price target on the stock. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a research note on Wednesday, October 8th. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Finally, Morgan Stanley boosted 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 research report on Monday, September 29th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $106.77.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon 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.