BNY $BK Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp trimmed its stake in BNY by 6.8%, selling 7,520 shares to hold 103,730 shares valued at about $12.04 million at quarter-end.
• Insiders have been net sellers, disposing of 48,091 shares worth $6.57 million over the past 90 days, including EVP Alejandro Perez's sale of 12,504 shares on April 17; insiders now own 0.17% of the company.
• BNY beat quarterly estimates, reporting EPS of $2.25 (vs. $1.94 expected) and revenue of $5.41 billion (vs. $5.14 billion expected), and declared a $0.53 quarterly dividend (1.6% yield) payable May 8.

Fifth Third Bancorp lowered its stake in shares of BNY (NYSE:BK - Free Report) by 6.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,730 shares of the bank's stock after selling 7,520 shares during the quarter. Fifth Third Bancorp's holdings in BNY were worth $12,042,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of BK. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of BNY during the 4th quarter valued at $27,000. Marquette Asset Management LLC grew its stake in shares of 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 buying an additional 166 shares during the period. Valley Wealth Managers Inc. purchased a new stake in shares of BNY during the 3rd quarter valued at $33,000. Westside Investment Management Inc. grew its stake in shares of 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 buying an additional 127 shares during the period. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of BNY during the 4th quarter valued at $46,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at BNY

In related news, VP Shannon Marie Hobbs sold 297 shares of BNY stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.05, for a total transaction of $40,703.85. Following the transaction, the vice president owned 15,206 shares in the company, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Alejandro Perez sold 12,504 shares of BNY stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the transaction, the executive vice president owned 62,613 shares in the company, valued at $8,578,607.13. The trade was a 16.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 48,091 shares of company stock worth $6,568,423. Insiders own 0.17% of the company's stock.

BNY Stock Performance

NYSE:BK opened at $133.81 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $92.09 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 0.98 and a beta of 1.08. The firm's fifty day simple moving average is $122.91 and its 200 day simple moving average is $117.64. BNY has a twelve month low of $81.12 and a twelve month high of $139.15.

BNY (NYSE:BK - Get Free Report) last posted its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.31. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. BNY had a net margin of 14.60% and a return on equity of 15.29%. The business's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.58 EPS. As a group, equities research analysts expect that BNY will post 8.76 earnings per share for the current fiscal year.

BNY Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Monday, April 27th will be issued a dividend of $0.53 per share. The ex-dividend date is Monday, April 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.6%. BNY's payout ratio is presently 26.27%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Evercore set a $136.00 price objective on shares of BNY in a research note on Friday, April 17th. New Street Research set a $143.00 price objective on shares of BNY in a research note on Wednesday, January 14th. Weiss Ratings raised shares of BNY from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, March 11th. Wells Fargo & Company boosted their price objective on shares of BNY from $119.00 to $122.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 14th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of BNY from $128.50 to $130.50 and gave the company an "overweight" rating in a research note on Tuesday, April 7th. One research 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. According to data from MarketBeat, BNY presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.35.

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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