ABN Amro Investment Solutions Increases Holdings in BNY $BK

Key Points

• ABN Amro Investment Solutions boosted its BNY stake by 24.9% in the fourth quarter, ending with 85,815 shares valued at about $10.0 million.
• BNY reported strong first-quarter results, posting $2.25 EPS versus the $1.94 estimate and $5.41 billion in revenue, which also topped expectations.
• The stock has drawn bullish analyst attention, with several firms raising price targets; the consensus rating is Moderate Buy and the average price target is $138.08.

ABN Amro Investment Solutions increased its stake in shares of BNY (NYSE:BK - Free Report) by 24.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,815 shares of the bank's stock after buying an additional 17,081 shares during the quarter. ABN Amro Investment Solutions' holdings in BNY were worth $9,962,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its stake in shares of BNY by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of BNY by 639.5% in the 3rd 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 purchasing an additional 6,119,749 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of BNY by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock valued at $1,454,116,000 after purchasing an additional 2,034,781 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of BNY by 29.1% in the 3rd quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank's stock valued at $438,418,000 after purchasing an additional 906,218 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab acquired a new position in shares of BNY in the 4th quarter valued at $95,002,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Transactions at BNY

In related news, VP Shannon Marie Hobbs sold 297 shares of the company'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 completion of the sale, the vice president directly owned 15,206 shares of the company's stock, valued at $2,083,982.30. This represents a 1.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the company'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 sale, the insider directly owned 17,259 shares of the company's stock, valued at approximately $2,347,569.18. This trade represents a 23.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 48,091 shares of company stock valued at $6,568,423 in the last 90 days. Company insiders own 0.17% of the company's stock.

BNY Trading Up 0.4%

NYSE:BK opened at $137.67 on Friday. The stock has a 50-day simple moving average of $127.25 and a 200-day simple moving average of $120.25. The stock has a market cap of $94.75 billion, a P/E ratio of 17.06, a P/E/G ratio of 1.00 and a beta of 1.08. BNY has a 1 year low of $87.41 and a 1 year high of $139.15. 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 (NYSE:BK - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.31. The business had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.14 billion. BNY had a return on equity of 15.29% and a net margin of 14.60%.The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.58 EPS. As a group, analysts anticipate that BNY will post 8.78 earnings per share for the current fiscal year.

BNY Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were given a $0.53 dividend. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.5%. BNY's dividend payout ratio is 26.27%.

Wall Street Analysts Forecast Growth

BK has been the topic of several research analyst reports. Truist Financial boosted their price objective on BNY from $140.00 to $148.00 and gave the company a "buy" 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. JPMorgan Chase & Co. boosted their price objective on BNY from $130.50 to $140.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Barclays boosted their price objective on BNY from $143.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, April 17th. Finally, Royal Bank Of Canada boosted their price objective on BNY from $130.00 to $142.00 and gave the company a "sector perform" rating in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, BNY currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BNY (NYSE:BK - Free Report).

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.