Ethic Inc. Boosts Stake in BNY $BK

Ethic Inc. lifted its position in BNY (NYSE:BK) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 193,196 shares of the bank’s stock after purchasing an additional 10,200 shares during the quarter. Ethic Inc.’s holdings in BNY were worth $22,428,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in BNY by 639.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock valued at $771,080,000 after buying an additional 6,119,749 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of BNY by 18.0% in the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock valued at $1,454,116,000 after acquiring an additional 2,034,781 shares during the period. AQR Capital Management LLC grew its position in shares of BNY by 29.1% during the third quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank’s stock worth $438,418,000 after acquiring an additional 906,218 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in shares of BNY in the 4th quarter valued at $95,002,000. Finally, Vanguard Group Inc. increased its holdings in shares of BNY by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock valued at $8,279,525,000 after acquiring an additional 647,847 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

BNY Stock Down 0.2%

BK stock opened at $130.48 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The company’s 50-day moving average price is $123.84 and its 200 day moving average price is $118.32. BNY has a 52 week low of $85.69 and a 52 week high of $139.15. The company has a market cap of $89.80 billion, a P/E ratio of 16.17, a P/E/G ratio of 0.96 and a beta of 1.08.

BNY (NYSE:BK) last issued its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.31. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.14 billion. BNY had a net margin of 14.60% and a return on equity of 15.29%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company posted $1.58 earnings per share. On average, research analysts expect that BNY will post 8.76 earnings per share for the current fiscal year.

BNY Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, April 27th. BNY’s dividend payout ratio (DPR) is presently 26.27%.

Insider Transactions at BNY

In other BNY news, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the sale, the executive vice president owned 50,238 shares of the company’s stock, valued at approximately $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the completion of the transaction, the insider owned 17,259 shares of the company’s stock, valued at approximately $2,347,569.18. This represents a 23.46% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 48,091 shares of company stock valued at $6,568,423. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BK. Keefe, Bruyette & Woods increased their price target on shares of BNY from $143.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, April 17th. Morgan Stanley upped their target price on shares of BNY from $135.00 to $139.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. Truist Financial increased their target price on shares of BNY from $140.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. JPMorgan Chase & Co. raised their price target on BNY from $128.50 to $130.50 and gave the stock an “overweight” rating in a report on Tuesday, April 7th. Finally, Barclays boosted their price target on BNY from $143.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $137.35.

About BNY

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.