Sound Income Strategies LLC Buys 5,897 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Sound Income Strategies LLC boosted its holdings in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 9.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 71,218 shares of the bank's stock after acquiring an additional 5,897 shares during the quarter. Sound Income Strategies LLC's holdings in Bank of New York Mellon were worth $5,973,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the stock. Revolve Wealth Partners LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth $220,000. Leavell Investment Management Inc. bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth $204,000. Blue Trust Inc. raised its stake in shares of Bank of New York Mellon by 12.3% during the 4th quarter. Blue Trust Inc. now owns 1,879 shares of the bank's stock worth $144,000 after purchasing an additional 206 shares during the period. Valeo Financial Advisors LLC raised its position in Bank of New York Mellon by 1.6% in the fourth quarter. Valeo Financial Advisors LLC now owns 9,041 shares of the bank's stock worth $695,000 after acquiring an additional 139 shares during the period. Finally, ABC Arbitrage SA bought a new stake in Bank of New York Mellon in the fourth quarter worth about $2,418,000. Institutional investors own 85.31% of the company's stock.

Insider Activity

In related news, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total transaction of $437,177.50. Following the sale, the insider now directly owns 21,679 shares in the company, valued at $1,680,122.50. The trade was a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Catherine Keating sold 65,473 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the sale, the vice president now owns 87,542 shares in the company, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,114 shares of company stock valued at $7,869,795. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Up 2.0%

Shares of NYSE BK traded up $1.76 during trading hours on Monday, hitting $90.36. The company's stock had a trading volume of 697,378 shares, compared to its average volume of 4,061,165. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The stock has a market cap of $64.65 billion, a price-to-earnings ratio of 15.55, a P/E/G ratio of 0.97 and a beta of 1.08. The Bank of New York Mellon Co. has a 12 month low of $57.18 and a 12 month high of $90.63. The business has a 50-day simple moving average of $84.13 and a 200-day simple moving average of $82.94.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business's quarterly revenue was up 5.9% compared to the same quarter last year. During the same period last year, the company earned $1.29 EPS. On average, analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's payout ratio is 30.62%.

Analyst Ratings Changes

BK has been the topic of a number of research reports. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a report on Tuesday, April 1st. Wall Street Zen cut Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Truist Financial cut Bank of New York Mellon from a "buy" rating to a "hold" rating and boosted their price objective for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an "equal weight" rating in a report on Monday, March 3rd. Finally, Morgan Stanley boosted their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $91.85.

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.