BNY $BK Stake Raised by M&T Bank Corp

M&T Bank Corp boosted its holdings in BNY (NYSE:BK) by 6.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 78,211 shares of the bank’s stock after purchasing an additional 4,795 shares during the quarter. M&T Bank Corp’s holdings in BNY were worth $9,079,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BK. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position 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 worth $771,080,000 after acquiring an additional 6,119,749 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of BNY by 18.0% during the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after purchasing an additional 2,034,781 shares during the period. AQR Capital Management LLC raised 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 purchasing an additional 906,218 shares during the period. Vanguard Group Inc. raised its position in shares of BNY by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock worth $8,279,525,000 after purchasing an additional 647,847 shares during the period. Finally, Danske Bank A S acquired a new stake in shares of BNY during the third quarter worth $65,973,000. 85.31% of the stock is currently owned by institutional investors.

Insider Activity at BNY

In other BNY news, VP Shannon Marie Hobbs sold 297 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.05, for a total value of $40,703.85. Following the transaction, the vice president owned 15,206 shares in the company, valued at approximately $2,083,982.30. This represents a 1.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alejandro Perez sold 12,504 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the completion of the transaction, the executive vice president owned 62,613 shares in the company, valued at approximately $8,578,607.13. This represents a 16.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,091 shares of company stock worth $6,568,423 in the last 90 days. 0.17% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BK. Morgan Stanley boosted their target price on BNY from $135.00 to $139.00 and gave the stock an “equal weight” rating in a research report on Friday, April 17th. Barclays boosted their target price on BNY from $143.00 to $149.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Royal Bank Of Canada boosted their target price on BNY from $130.00 to $142.00 and gave the stock a “sector perform” rating in a research report on Friday, April 17th. Evercore set a $136.00 target price on BNY in a research report on Friday, April 17th. Finally, Truist Financial boosted their target price on shares of BNY from $140.00 to $148.00 and gave the company a “buy” rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $137.35.

BNY Price Performance

Shares of NYSE:BK opened at $132.33 on Wednesday. The company’s fifty day moving average is $123.19 and its two-hundred day moving average is $117.96. The company has a quick ratio of 0.71, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. BNY has a 12-month low of $81.12 and a 12-month high of $139.15. The company has a market cap of $91.07 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08.

BNY (NYSE:BK) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.31. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. BNY had a net margin of 14.60% and a return on equity of 15.29%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.58 EPS. Equities analysts expect that BNY will post 8.76 earnings per share for the current fiscal year.

BNY Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Monday, April 27th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.6%. The ex-dividend date is Monday, April 27th. BNY’s dividend payout ratio is currently 26.27%.

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.