Assetmark Inc. Acquires 85,135 Shares of BNY $BK

Key Points

• Assetmark Inc. raised its stake in BNY by 46.2% in Q4, buying 85,135 shares to hold 269,263 shares worth about $31.26 million, and institutional investors now own roughly 85.31% of the stock.
• BNY beat expectations in the most recent quarter with EPS of $2.08 versus the $1.97 consensus and revenue of $5.18 billion (up 6.8% year-over-year).
• Shares trade near their 52-week high (opened at $130.54 vs a $130.59 high), the stock has a market cap of $89.84 billion and a PE of 17.62, and analysts have a consensus "Moderate Buy" rating with a $132.50 price target.

Assetmark Inc. lifted its holdings in BNY (NYSE:BK - Free Report) by 46.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 269,263 shares of the bank's stock after buying an additional 85,135 shares during the period. Assetmark Inc.'s holdings in BNY were worth $31,259,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BK. Thurston Springer Miller Herd & Titak Inc. bought a new position in BNY during the 4th quarter valued at about $27,000. Marquette Asset Management LLC grew its holdings 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 last quarter. Valley Wealth Managers Inc. bought a new position in BNY during the 3rd quarter valued at about $33,000. Caldwell Trust Co bought a new position in BNY during the 2nd quarter valued at about $36,000. Finally, Westside Investment Management Inc. grew its holdings in BNY by 44.1% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock valued at $45,000 after purchasing an additional 127 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

BNY Price Performance

Shares of BK opened at $130.54 on Wednesday. The company has a 50 day moving average price of $119.58 and a 200-day moving average price of $115.45. BNY has a fifty-two week low of $73.55 and a fifty-two week high of $130.59. The stock has a market capitalization of $89.84 billion, a PE ratio of 17.62, a PEG ratio of 1.04 and a beta of 1.06. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 0.71.

BNY (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Tuesday, January 13th. The bank reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.11. BNY had a net margin of 13.62% and a return on equity of 14.37%. The firm had revenue of $5.18 billion during the quarter, compared to analysts' expectations of $5.11 billion. During the same quarter in the prior year, the company earned $1.72 EPS. The company's revenue was up 6.8% compared to the same quarter last year. Equities analysts predict that BNY will post 6.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on BK. Royal Bank Of Canada upped their price target on shares of BNY from $124.00 to $130.00 and gave the company a "sector perform" rating in a report on Wednesday, January 14th. Weiss Ratings upgraded shares of BNY from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, March 11th. Citigroup began coverage on shares of BNY in a research note on Monday, February 23rd. They issued a "neutral" rating on the stock. Wells Fargo & Company upped their target price on shares of BNY from $119.00 to $122.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 14th. Finally, New Street Research set a $143.00 target price on shares of BNY in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $132.50.

BNY 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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