Arizona State Retirement System Has $22.99 Million Stake in BNY $BK

Key Points

• Arizona State Retirement System trimmed its position in BNY by 5.2%, selling 10,889 shares and leaving it with 198,043 shares worth about $22.99 million at quarter-end.
• Company insiders have been net sellers, disposing of 48,091 shares (~$6.57 million) over the past 90 days, including EVP J. Kevin McCarthy’s sale of 30,000 shares, leaving insiders with just 0.17% ownership.
• BNY beat quarterly estimates (EPS $2.25 vs. $1.94 expected; revenue $5.41B) and declared a quarterly dividend of $0.53 (annualized yield 1.6%), while analysts raised targets and the consensus rating is a Moderate Buy (target ~$137.35).

Arizona State Retirement System decreased its holdings in shares of BNY (NYSE:BK - Free Report) by 5.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 198,043 shares of the bank's stock after selling 10,889 shares during the quarter. Arizona State Retirement System's holdings in BNY were worth $22,991,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of BNY in the fourth quarter valued at approximately $27,000. Marquette Asset Management LLC increased its stake 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 during the period. Valley Wealth Managers Inc. acquired a new position in shares of BNY in the third quarter valued at approximately $33,000. Westside Investment Management Inc. increased its stake 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 during the period. Finally, Dunhill Financial LLC increased its stake in shares of BNY by 130.8% in the third quarter. Dunhill Financial LLC now owns 427 shares of the bank's stock valued at $47,000 after buying an additional 242 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Insiders Place Their Bets

In other BNY news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the transaction, the executive vice president directly owned 50,238 shares in the company, valued at approximately $6,857,487. This represents a 37.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was 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 in the company, valued at $2,347,569.18. The trade was a 23.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,091 shares of company stock valued at $6,568,423 over the last 90 days. 0.17% of the stock is currently owned by corporate insiders.

BNY Price Performance

BNY stock opened at $134.10 on Friday. The stock has a market capitalization of $92.29 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 0.99 and a beta of 1.06. BNY has a 52-week low of $77.77 and a 52-week high of $139.15. The stock's 50 day moving average price is $121.70 and its two-hundred day moving average price is $116.87. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.75.

BNY (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.31. The firm had revenue of $5.41 billion for 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 company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.58 EPS. On average, equities analysts predict that BNY will post 8.76 earnings per share for the current year.

BNY Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Monday, April 27th will be issued 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 is Monday, April 27th. BNY's dividend payout ratio is presently 26.27%.

Analyst Ratings Changes

Several research firms have recently issued reports on BK. 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 note on Friday, April 17th. Barclays upped their price objective on BNY from $143.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. Truist Financial upped their target price on BNY from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, April 17th. JPMorgan Chase & Co. upped their target price on BNY from $128.50 to $130.50 and gave the company an "overweight" rating in a report on Tuesday, April 7th. Finally, Evercore set a $136.00 target price on BNY 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.35.

About BNY

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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