Fruth Investment Management cut its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 1.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,450 shares of the bank’s stock after selling 250 shares during the quarter. Fruth Investment Management’s holdings in Bank of New York Mellon were worth $678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of Bank of New York Mellon by 1.5% in the 4th quarter. BlackRock Inc. now owns 54,968,976 shares of the bank’s stock worth $2,587,391,000 after acquiring an additional 805,925 shares during the last quarter. FMR LLC increased its stake in shares of Bank of New York Mellon by 36.4% in the fourth quarter. FMR LLC now owns 32,610,453 shares of the bank’s stock worth $1,534,974,000 after buying an additional 8,695,718 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its position in Bank of New York Mellon by 2.0% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,843,432 shares of the bank’s stock valued at $698,679,000 after purchasing an additional 292,800 shares during the period. Macquarie Group Ltd. increased its position in Bank of New York Mellon by 4.7% during the 4th quarter. Macquarie Group Ltd. now owns 14,529,096 shares of the bank’s stock valued at $683,885,000 after purchasing an additional 647,347 shares during the period. Finally, Harris Associates L P increased its position in Bank of New York Mellon by 5.4% during the 4th quarter. Harris Associates L P now owns 10,826,019 shares of the bank’s stock valued at $509,581,000 after purchasing an additional 552,515 shares during the period. Institutional investors and hedge funds own 87.61% of the company’s stock.
In related news, Director Trian Fund Management, L.P. sold 2,107,000 shares of the company’s stock in a transaction dated Monday, January 28th. The shares were sold at an average price of $53.48, for a total value of $112,682,360.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Edward P. Garden sold 171,960 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $52.28, for a total transaction of $8,990,068.80. The disclosure for this sale can be found here. Insiders sold a total of 3,713,437 shares of company stock worth $198,594,100 over the last ninety days. Insiders own 1.71% of the company’s stock.
A number of research analysts have issued reports on the stock. Deutsche Bank boosted their price objective on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Vining Sparks reissued a “buy” rating and set a $55.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, January 23rd. Zacks Investment Research raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Monday, January 21st. Finally, Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $55.00 to $52.00 in a research report on Wednesday, January 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Bank of New York Mellon has a consensus rating of “Hold” and an average target price of $56.14.
NYSE:BK opened at $53.44 on Wednesday. The stock has a market capitalization of $50.22 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.87. Bank of New York Mellon Corp has a 1-year low of $43.67 and a 1-year high of $58.22.
Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 16th. The bank reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.07. The firm had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $4.02 billion. Bank of New York Mellon had a net margin of 22.19% and a return on equity of 11.53%. The company’s revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS. On average, analysts forecast that Bank of New York Mellon Corp will post 4.25 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Monday, April 29th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.10%. Bank of New York Mellon’s dividend payout ratio is presently 26.60%.
Bank of New York Mellon Company Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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