ABC Arbitrage SA Acquires New Stake in BNY $BK

Key Points

• ABC Arbitrage SA opened a new position in BNY during the fourth quarter, buying 19,513 shares valued at about $2.27 million.
• BNY has seen mixed sentiment from professionals: several analysts raised price targets, with the consensus rating currently at Moderate Buy and an average target price of $138.08. Meanwhile, institutional investors still hold 85.31% of the stock.
• The company posted strong quarterly results, with earnings of $2.25 per share beating estimates and revenue up 12.9% year over year. BNY also paid a quarterly dividend of $0.53 per share, implying a 1.6% yield.

ABC Arbitrage SA bought a new position in shares of BNY (NYSE:BK - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 19,513 shares of the bank's stock, valued at approximately $2,265,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of BNY during the fourth quarter worth about $27,000. Marquette Asset Management LLC increased its position in BNY by 174.7% during the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock valued at $30,000 after purchasing an additional 166 shares during the period. Valley Wealth Managers Inc. bought a new position in BNY during the 3rd quarter worth approximately $33,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of BNY in the 4th quarter worth approximately $46,000. Finally, Westside Investment Management Inc. lifted its position in shares of BNY by 44.1% in the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock worth $45,000 after purchasing an additional 127 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BK has been the subject of several recent analyst reports. Evercore set a $136.00 price objective on shares of BNY in a research report on Friday, April 17th. Royal Bank Of Canada boosted their target price on shares of BNY from $130.00 to $142.00 and gave the company a "sector perform" rating in a report on Friday, April 17th. Weiss Ratings upgraded BNY from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. Barclays lifted their target price on BNY from $143.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Finally, Keefe, Bruyette & Woods boosted their price target on BNY from $143.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, April 17th. One 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. According to MarketBeat, BNY presently has an average rating of "Moderate Buy" and a consensus target price of $138.08.

Insider Buying and Selling at BNY

In other BNY news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the transaction, the executive vice president directly owned 50,238 shares of the company's stock, valued at approximately $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,290 shares of BNY 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 transaction, the insider owned 17,259 shares of the company's stock, valued at $2,347,569.18. This trade represents a 23.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,091 shares of company stock valued at $6,568,423 over the last ninety days. 0.17% of the stock is currently owned by corporate insiders.

BNY Stock Up 1.5%

BK stock opened at $132.44 on Tuesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. BNY has a fifty-two week low of $86.52 and a fifty-two week high of $139.15. The stock's 50 day simple moving average is $124.26 and its 200 day simple moving average is $118.66. The company has a market cap of $91.15 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08.

BNY (NYSE:BK - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $1.58 earnings per share. The company's quarterly revenue was up 12.9% on a year-over-year basis. On average, research analysts expect that BNY will post 8.76 earnings per share for the current fiscal year.

BNY Dividend Announcement

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

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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