AMF Tjanstepension AB Sells 178,640 Shares of BNY $BK

Key Points

• AMF Tjanstepension AB sharply reduced its BNY stake in the fourth quarter, selling 178,640 shares and cutting its position by 81.1%. It ended the period with 41,569 shares valued at about $4.83 million.
• BNY reported stronger-than-expected quarterly results, posting EPS of $2.25 versus the $1.94 consensus and revenue of $5.41 billion, up 12.9% year over year. Analysts now expect full-year EPS of 8.78.
• Insider selling and analyst sentiment were mixed but generally positive, with executives Alejandro Perez and Shannon Marie Hobbs both selling shares, while analysts maintained a “Moderate Buy” consensus and an average price target of $138.08. BNY also recently paid a quarterly dividend of $0.53 per share, or $2.12 annualized.

AMF Tjanstepension AB trimmed its stake in BNY (NYSE:BK - Free Report) by 81.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,569 shares of the bank's stock after selling 178,640 shares during the quarter. AMF Tjanstepension AB's holdings in BNY were worth $4,826,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other BNY news, EVP Alejandro Perez sold 12,504 shares of the firm's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the transaction, the executive vice president directly owned 62,613 shares in the company, valued at $8,578,607.13. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Shannon Marie Hobbs sold 297 shares of the firm's stock in a transaction on 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. 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 quarter. 0.17% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. Evercore set a $136.00 price objective on BNY in a research report on Friday, April 17th. Citigroup assumed coverage on BNY in a research report on Monday, February 23rd. They set a "neutral" rating for the company. Keefe, Bruyette & Woods upped their price objective on BNY from $143.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, April 17th. Weiss Ratings upgraded BNY from a "buy (a-)" rating to a "buy (a)" rating in a research report on Monday, May 4th. Finally, Barclays upped their price objective on BNY from $143.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. One 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $138.08.

BNY Price Performance

Shares of BNY stock opened at $136.60 on Tuesday. The stock has a 50 day moving average of $125.94 and a 200 day moving average of $119.63. BNY has a 12 month low of $87.41 and a 12 month high of $139.15. The firm has a market cap of $94.01 billion, a PE ratio of 16.93, 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.

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

BNY Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, April 27th. BNY's dividend payout ratio (DPR) is currently 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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