BNY $BK Shares Bought by Patton Fund Management Inc.

Key Points

• Patton Fund Management increased its stake in BNY (NYSE:BK) by 144.6% in Q4, adding 40,649 shares to hold 68,754 shares worth about $7.98M, roughly 1.1% of its portfolio and its 24th largest position.
• Analysts show mixed but generally positive views—MarketBeat lists an average rating of "Moderate Buy" with an average target of $132.50, while firms like Morgan Stanley cut to $135 (equal weight) and TD Cowen and Barclays raised targets to $145 and $143, respectively.
• BNY recently beat quarterly estimates (EPS $2.08 vs. $1.97 est.; revenue $5.18B, +6.8% y/y) and is trading near its 52-week high (~$129) with a market cap of about $88.8B and a P/E of ~17.4.

Patton Fund Management Inc. raised its stake in BNY (NYSE:BK - Free Report) by 144.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,754 shares of the bank's stock after acquiring an additional 40,649 shares during the period. BNY accounts for approximately 1.1% of Patton Fund Management Inc.'s portfolio, making the stock its 24th largest position. Patton Fund Management Inc.'s holdings in BNY were worth $7,982,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of BK. Thurston Springer Miller Herd & Titak Inc. acquired a new position in BNY in the fourth quarter valued at $27,000. Marquette Asset Management LLC boosted its stake in 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 acquiring an additional 166 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in BNY in the third quarter valued at $33,000. Caldwell Trust Co acquired a new position in BNY in the second quarter valued at $36,000. Finally, Westside Investment Management Inc. boosted its stake in 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 acquiring an additional 127 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BK shares. Morgan Stanley reduced their target price on shares of BNY from $147.00 to $135.00 and set an "equal weight" rating for the company in a report on Tuesday, March 31st. Wells Fargo & Company upped their target price on shares of BNY from $119.00 to $122.00 and gave the company an "equal weight" rating in a report on Wednesday, January 14th. Barclays upped their target price on shares of BNY from $120.00 to $143.00 and gave the company an "overweight" rating in a report on Monday, January 5th. New Street Research set a $143.00 target price on shares of BNY in a report on Wednesday, January 14th. Finally, TD Cowen upped their target price on shares of BNY from $133.00 to $145.00 and gave the company a "buy" rating in a report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $132.50.

BNY Trading Up 1.1%

NYSE BK opened at $128.98 on Tuesday. The stock has a market capitalization of $88.77 billion, a P/E ratio of 17.41, a P/E/G ratio of 1.02 and a beta of 1.06. BNY has a 52-week low of $73.55 and a 52-week high of $129.22. The firm has a 50-day moving average price of $119.36 and a 200 day moving average price of $115.30. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81.

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

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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