Abacus Wealth Partners LLC Acquires New Stake in BNY $BK

Key Points

• Abacus Wealth Partners disclosed a new fourth-quarter stake in BNY, buying 12,166 shares worth about $1.41 million. Several other institutional investors also added to or initiated positions, and institutions now own 85.31% of the stock.
• BNY reported strong first-quarter results, with earnings of $2.25 per share beating estimates and revenue of $5.41 billion topping forecasts. Revenue rose 12.9% from a year earlier, and analysts expect full-year EPS of 8.78.
• The company recently paid a quarterly dividend of $0.53 per share, implying an annualized yield of 1.6%. Meanwhile, analysts remain broadly positive, with a consensus rating of Moderate Buy and an average target price of $138.08.

Abacus Wealth Partners LLC bought a new position in BNY (NYSE:BK - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 12,166 shares of the bank's stock, valued at approximately $1,412,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of BNY in the fourth quarter valued at $27,000. Marquette Asset Management LLC increased its holdings in shares of BNY by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock valued at $30,000 after buying an additional 166 shares in the last quarter. Valley Wealth Managers Inc. bought a new position in shares of BNY in the third quarter valued at $33,000. Westside Investment Management Inc. increased its holdings in shares of BNY by 44.1% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock valued at $45,000 after buying an additional 127 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in BNY during the fourth quarter valued at about $46,000. 85.31% of the stock is currently owned by institutional investors.

BNY Trading Down 0.8%

Shares of NYSE BK opened at $134.89 on Friday. BNY has a one year low of $87.41 and a one year high of $139.15. The firm has a market capitalization of $92.84 billion, a PE ratio of 16.72, a PEG ratio of 0.99 and a beta of 1.08. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The business has a 50-day moving average price of $125.55 and a two-hundred day moving average price of $119.35.

BNY (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.31. BNY had a return on equity of 15.29% and a net margin of 14.60%.The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $1.58 EPS. The business's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, analysts predict that BNY will post 8.78 earnings per share for the current fiscal year.

BNY Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were paid a $0.53 dividend. The ex-dividend date was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.6%. BNY's payout ratio is 26.27%.

Insider Transactions at BNY

In other BNY news, VP Shannon Marie Hobbs sold 297 shares of the business's stock in a transaction dated Friday, April 17th. The stock was 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 $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the business's stock in a transaction dated 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 in the company, valued at $2,347,569.18. This trade represents a 23.46% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BK. Keefe, Bruyette & Woods upped their price objective on shares of BNY from $143.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, April 17th. Truist Financial upped their price objective 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. Citigroup began coverage on shares of BNY in a research note on Monday, February 23rd. They set a "neutral" rating for the company. Evercore set a $136.00 price objective on shares of BNY in a research note on Friday, April 17th. Finally, Royal Bank Of Canada upped their price objective on shares of BNY from $130.00 to $142.00 and gave the company a "sector perform" rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.08.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.