BNY (NYSE:BK) Reaches New 1-Year High - What's Next?

Key Points

• BNY hit a new 52-week high, trading as high as $138.74 and last at $137.86, with a market cap near $95 billion and elevated volume.
• Analysts have been raising price targets—RBC to $142, Truist to $148 and Barclays to $149—and the consensus rating is a Moderate Buy with an average target around $137.35.
• The bank beat earnings estimates (Q EPS $2.25 vs. $1.94; revenue $5.41B vs. $5.14B, up 12.9% YoY) and announced a quarterly dividend of $0.53 (annualized $2.12, yield ~1.5%, ex-dividend April 27).

BNY (NYSE:BK - Get Free Report)'s share price hit a new 52-week high on Tuesday . The company traded as high as $138.74 and last traded at $137.8610, with a volume of 210746 shares traded. The stock had previously closed at $135.37.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Royal Bank Of Canada increased their price target on BNY from $130.00 to $142.00 and gave the stock a "sector perform" rating in a report on Friday. Truist Financial increased their price target on BNY from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday. Barclays increased their price target on BNY from $143.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday. Citigroup assumed coverage on BNY in a report on Monday, February 23rd. They set a "neutral" rating for the company. Finally, Wells Fargo & Company increased their price target on BNY from $119.00 to $122.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $137.35.

BNY Stock Performance

The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.75. The company has a 50 day moving average price of $120.45 and a 200 day moving average price of $116.19. The company has a market capitalization of $94.96 billion, a price-to-earnings ratio of 17.07, a P/E/G ratio of 1.07 and a beta of 1.06.

BNY (NYSE:BK - Get Free Report) last issued its earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, beating the consensus estimate of $1.94 by $0.31. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. BNY had a return on equity of 15.29% and a net margin of 14.60%.The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the business posted $1.58 EPS. Equities research analysts predict that BNY will post 8.52 earnings per share for the current fiscal year.

BNY Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Monday, April 27th will be paid a $0.53 dividend. The ex-dividend date is Monday, April 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. BNY's dividend payout ratio (DPR) is currently 26.27%.

Hedge Funds Weigh In On BNY

A number of hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. boosted its stake in BNY by 17.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 141,899 shares of the bank's stock valued at $16,473,000 after purchasing an additional 21,506 shares during the last quarter. World Investment Advisors boosted its stake in BNY by 14.4% during the 4th quarter. World Investment Advisors now owns 72,285 shares of the bank's stock valued at $8,391,000 after purchasing an additional 9,105 shares during the last quarter. Advisortrust Partners LLC acquired a new position in BNY during the 4th quarter valued at about $207,000. Corient Private Wealth LLC boosted its stake in BNY by 8.1% during the 4th quarter. Corient Private Wealth LLC now owns 257,048 shares of the bank's stock valued at $29,822,000 after purchasing an additional 19,341 shares during the last quarter. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in BNY during the 4th quarter valued at about $84,000. Institutional investors and hedge funds own 85.31% of the company's stock.

BNY Company Profile

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.

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