Sound Income Strategies LLC Acquires 4,535 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Sound Income Strategies LLC has increased its holdings in The Bank of New York Mellon Corporation by 6.4%, acquiring an additional 4,535 shares during the second quarter, bringing its total to 75,753 shares worth approximately $6.9 million.
• Analysts have rated the stock with a consensus of "Moderate Buy", with the average target price increased to $98.00 by various brokerages, including Citigroup and Morgan Stanley.
• The Bank of New York Mellon recently disclosed a quarterly dividend increase to $0.53 per share, up from the previous $0.47, representing a 1.9% yield with a payout ratio of 32.37%.

Sound Income Strategies LLC increased its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 6.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,753 shares of the bank's stock after acquiring an additional 4,535 shares during the period. Sound Income Strategies LLC's holdings in Bank of New York Mellon were worth $6,902,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Ameriprise Financial Inc. grew its holdings in Bank of New York Mellon by 1.9% during the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after purchasing an additional 221,613 shares during the period. Nuveen LLC bought a new position in Bank of New York Mellon during the first quarter valued at $773,627,000. Invesco Ltd. grew its holdings in Bank of New York Mellon by 8.8% during the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after purchasing an additional 667,966 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Bank of New York Mellon by 5.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock valued at $681,492,000 after purchasing an additional 436,100 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after purchasing an additional 1,052,145 shares during the period. 85.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BK. TD Cowen began coverage on Bank of New York Mellon in a report on Thursday. They set a "buy" rating for the company. Citigroup increased their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Morgan Stanley increased their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Evercore ISI increased their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $98.00.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Up 0.5%

NYSE:BK opened at $109.58 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 Bank of New York Mellon Corporation has a 1 year low of $70.41 and a 1 year high of $110.87. The company has a market cap of $77.28 billion, a P/E ratio of 16.73, a P/E/G ratio of 1.03 and a beta of 1.14. The stock's fifty day moving average price is $103.79 and its two-hundred day moving average price is $92.19.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.51 earnings per share. As a group, analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were paid a dividend of $0.53 per share. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is 32.37%.

About Bank of New York Mellon

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.