Sound Income Strategies LLC Lowers Position in Bank of New York Mellon Corporation $BNY

Sound Income Strategies LLC lowered its position in Bank of New York Mellon Corporation (NYSE:BNY) by 28.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,797 shares of the bank’s stock after selling 15,143 shares during the period. Sound Income Strategies LLC’s holdings in Bank of New York Mellon were worth $5,572,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Bill Few Associates Inc. lifted its position in Bank of New York Mellon by 53.3% during the third quarter. Bill Few Associates Inc. now owns 9,497 shares of the bank’s stock valued at $1,374,000 after acquiring an additional 3,303 shares during the last quarter. Bullock Wealth Management Group boosted its stake in Bank of New York Mellon by 54.4% in the third quarter. Bullock Wealth Management Group now owns 4,592 shares of the bank’s stock valued at $664,000 after acquiring an additional 1,618 shares in the last quarter. Riversedge Advisors LLC grew its holdings in Bank of New York Mellon by 3.1% in the third quarter. Riversedge Advisors LLC now owns 3,035 shares of the bank’s stock worth $439,000 after purchasing an additional 92 shares during the last quarter. Wedmont Private Capital increased its position in shares of Bank of New York Mellon by 88.7% during the third quarter. Wedmont Private Capital now owns 16,766 shares of the bank’s stock worth $2,425,000 after purchasing an additional 7,880 shares in the last quarter. Finally, WoodTrust Financial Corp increased its position in shares of Bank of New York Mellon by 1,604.5% during the third quarter. WoodTrust Financial Corp now owns 44,793 shares of the bank’s stock worth $6,478,000 after purchasing an additional 42,165 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Insider Activity

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $148.79, for a total value of $523,740.80. Following the completion of the transaction, the vice president directly owned 176,824 shares in the company, valued at $26,309,642.96. This represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 38,840 shares of company stock worth $6,033,502. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of NYSE:BNY traded down $1.00 on Friday, hitting $142.61. 2,884,097 shares of the company were exchanged, compared to its average volume of 3,681,798. The firm has a market capitalization of $96.76 billion, a P/E ratio of 16.60, a price-to-earnings-growth ratio of 1.11 and a beta of 1.06. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 1-year low of $103.11 and a 1-year high of $165.84. The stock’s 50 day moving average price is $156.34 and its 200 day moving average price is $145.49.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.30. The firm had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The firm’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.93 EPS. Sell-side analysts predict that Bank of New York Mellon Corporation will post 9.28 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Argus upped their target price on Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. increased their price target on Bank of New York Mellon from $159.00 to $161.00 and gave the company an “overweight” rating in a research note on Friday, October 2nd. Bank of America raised their price target on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Truist Financial dropped their price target on Bank of New York Mellon from $178.00 to $172.00 and set a “buy” rating on the stock in a research note on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $162.38.

Key Stories Impacting Bank of New York Mellon

Here are the key news stories impacting Bank of New York Mellon this week:

• Positive Sentiment: BNY is expected to report year-over-year earnings growth in its upcoming quarterly results. Zacks highlighted the company’s strong history of earnings surprises and favorable conditions for another potential beat. Can BNY Keep the Earnings Surprise Streak Alive?
• Positive Sentiment: The bank is expanding regulated digital-asset custody services across the European Union under the Markets in Crypto-Assets framework. The move strengthens BNY’s position in institutional crypto infrastructure and could create additional long-term fee opportunities. BNY Expands Digital Asset Custody in Europe
• Positive Sentiment: TD Cowen initiated coverage with a “hold” rating and a $160 price target, implying meaningful potential appreciation from the level cited in the report. While not a bullish rating, the target suggests the shares may be undervalued after their recent weakness.
• Neutral Sentiment: Analyst commentary covering BNY and other financial companies offered additional perspective but did not signal a clear change in the company’s outlook. Analysts Offer Insights on Financial Companies
• Neutral Sentiment: BNY reportedly sold 21.24 million shares of Indonesia’s Telkom Indonesia, a portfolio transaction whose direct effect on BNY’s earnings and stock valuation is unclear. BNY Sells TLKM Shares
• Negative Sentiment: Analysts have trimmed BNY’s fair value estimates, indicating some recalibration of valuation expectations and potentially contributing to pressure on the shares. BNY Stock Gets Fair Value Trim

Bank of New York Mellon Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.