Eastern Bank Acquires 782 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Eastern Bank increased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 84.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,708 shares of the bank’s stock after acquiring an additional 782 shares during the quarter. Eastern Bank’s holdings in Bank of New York Mellon were worth $131,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Studio Investment Management LLC increased its holdings in shares of Bank of New York Mellon by 2.1% during the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after purchasing an additional 134 shares during the period. Stanley Laman Group Ltd. increased its stake in Bank of New York Mellon by 2.2% during the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock valued at $445,000 after acquiring an additional 135 shares during the period. Avidian Wealth Enterprises LLC raised its holdings in Bank of New York Mellon by 2.0% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock valued at $505,000 after acquiring an additional 137 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in shares of Bank of New York Mellon by 1.1% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after acquiring an additional 142 shares during the period. Finally, Sigma Planning Corp grew its holdings in shares of Bank of New York Mellon by 2.7% during the 3rd quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock worth $393,000 after purchasing an additional 143 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Morgan Stanley decreased their target price on shares of Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research report on Monday, October 14th. Barclays lifted their price objective on Bank of New York Mellon from $86.00 to $102.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company increased their target price on Bank of New York Mellon from $81.00 to $82.00 and gave the stock an “equal weight” rating in a report on Thursday, January 2nd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $82.64.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $75.93 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $55.21 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.91 and a beta of 1.08. The firm’s 50 day moving average is $78.58 and its 200-day moving average is $71.94. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $82.72.

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.