Fruth Investment Management Reduces Position in The Bank of New York Mellon Co. (NYSE:BK)

Fruth Investment Management decreased its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 4.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,500 shares of the bank’s stock after selling 500 shares during the quarter. Fruth Investment Management’s holdings in Bank of New York Mellon were worth $662,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. First Trust Direct Indexing L.P. lifted its stake in Bank of New York Mellon by 10.2% in the first quarter. First Trust Direct Indexing L.P. now owns 25,915 shares of the bank’s stock worth $1,493,000 after acquiring an additional 2,405 shares during the period. Norden Group LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $870,000. MV Capital Management Inc. grew its stake in shares of Bank of New York Mellon by 15.1% during the 1st quarter. MV Capital Management Inc. now owns 1,818 shares of the bank’s stock valued at $105,000 after purchasing an additional 238 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH grew its stake in shares of Bank of New York Mellon by 10.7% during the 1st quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 28,482 shares of the bank’s stock valued at $1,641,000 after purchasing an additional 2,745 shares during the period. Finally, Kowal Investment Group LLC grew its stake in shares of Bank of New York Mellon by 13.4% during the 1st quarter. Kowal Investment Group LLC now owns 8,719 shares of the bank’s stock valued at $502,000 after purchasing an additional 1,032 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 0.0 %

BK stock traded down $0.03 during midday trading on Thursday, reaching $60.47. The company’s stock had a trading volume of 1,528,637 shares, compared to its average volume of 3,556,486. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a fifty day simple moving average of $58.63 and a two-hundred day simple moving average of $56.22. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $60.91. The firm has a market capitalization of $45.22 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.21 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same quarter last year, the firm posted $1.13 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that The Bank of New York Mellon Co. will post 5.47 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were paid a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a yield of 2.78%. Bank of New York Mellon’s payout ratio is 40.98%.

Insiders Place Their Bets

In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the transaction, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the transaction, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The disclosure for this sale can be found here. Insiders have sold a total of 115,928 shares of company stock worth $6,475,216 over the last quarter. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

BK has been the subject of a number of recent research reports. Bank of America boosted their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Morgan Stanley upped their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods raised Bank of New York Mellon from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $60.00 to $70.00 in a report on Thursday, June 27th. Jefferies Financial Group upped their price objective on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.15.

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.