Fruth Investment Management Sells 500 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Fruth Investment Management cut its position in The Bank of New York Mellon Co. (NYSE:BK) by 4.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BK. First Trust Direct Indexing L.P. grew its position in Bank of New York Mellon by 10.2% in the 1st quarter. First Trust Direct Indexing L.P. now owns 25,915 shares of the bank’s stock worth $1,493,000 after purchasing an additional 2,405 shares during the last quarter. Norden Group LLC bought a new position in Bank of New York Mellon during the 1st quarter valued at about $870,000. MV Capital Management Inc. lifted its holdings in 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 last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its holdings in 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 last quarter. Finally, Kowal Investment Group LLC lifted its holdings in 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 last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Transactions at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total value of $360,034.95. Following the completion of the transaction, the insider now owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s 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 completion of the transaction, the insider now owns 24,346 shares in the company, valued at approximately $1,410,363.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the transaction, the vice president now owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock traded down $0.03 during trading hours on Thursday, reaching $60.47. 1,528,637 shares of the stock were exchanged, compared to its average volume of 3,556,486. The company has a market cap of $45.22 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 1.21 and a beta of 1.09. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $60.91. The stock has a 50 day moving average of $58.63 and a two-hundred day moving average of $56.22.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.13 earnings per share. Equities analysts expect that The Bank of New York Mellon Co. will post 5.47 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were issued 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 dividend yield of 2.78%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.98%.

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.