BNY $BK Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its BNY stake by 6.8% in the fourth quarter, selling 97,005 shares and leaving it with 1,333,869 shares valued at about $154.8 million.
• BNY insiders also sold shares recently, including VP Shannon Marie Hobbs and EVP J Kevin McCarthy, with total insider sales over the last 90 days reaching 48,091 shares worth $6.57 million.
• BNY reported strong quarterly results and returned cash to shareholders, posting $2.25 EPS versus the $1.94 estimate and raising revenue 12.9% year over year, while also paying a $0.53 quarterly dividend.

Gabelli Funds LLC trimmed its holdings in shares of BNY (NYSE:BK - Free Report) by 6.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,333,869 shares of the bank's stock after selling 97,005 shares during the quarter. BNY makes up approximately 1.0% of Gabelli Funds LLC's investment portfolio, making the stock its 11th largest position. Gabelli Funds LLC owned approximately 0.19% of BNY worth $154,849,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Ashton Thomas Private Wealth LLC lifted its stake in BNY by 133.2% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank's stock valued at $9,998,000 after buying an additional 52,412 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in BNY by 35.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank's stock valued at $3,487,000 after buying an additional 8,277 shares in the last quarter. National Pension Service lifted its stake in BNY by 3.1% in the 3rd quarter. National Pension Service now owns 2,053,278 shares of the bank's stock valued at $223,725,000 after buying an additional 61,718 shares in the last quarter. First National Bank of Omaha purchased a new stake in BNY in the 3rd quarter valued at approximately $3,044,000. Finally, Cullen Investment Group LTD. lifted its stake in BNY by 1,691.4% in the 4th quarter. Cullen Investment Group LTD. now owns 38,730 shares of the bank's stock valued at $4,610,000 after buying an additional 36,568 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at BNY

In other news, VP Shannon Marie Hobbs sold 297 shares of the company's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the sale, the vice president directly owned 15,206 shares in the company, valued at $2,083,982.30. This represents a 1.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the sale, the executive vice president owned 50,238 shares of the company's stock, valued at approximately $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 48,091 shares of company stock valued at $6,568,423. Corporate insiders own 0.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BK. Morgan Stanley upped their target price on BNY from $135.00 to $139.00 and gave the company an "equal weight" rating in a research note on Friday, April 17th. Evercore set a $136.00 target price on BNY in a research note on Friday, April 17th. Royal Bank Of Canada upped their target price on BNY from $130.00 to $142.00 and gave the company a "sector perform" rating in a research note on Friday, April 17th. Keefe, Bruyette & Woods upped their target price on BNY from $143.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, April 17th. Finally, Weiss Ratings raised BNY from a "buy (a-)" rating to a "buy (a)" rating in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.08.

BNY Trading Down 0.1%

BK stock opened at $134.89 on Monday. The company has a market cap of $92.84 billion, a price-to-earnings ratio of 16.72, a PEG ratio of 0.99 and a beta of 1.08. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. The business has a fifty day simple moving average of $125.55 and a 200-day simple moving average of $119.43. BNY has a 52 week low of $87.41 and a 52 week high of $139.15.

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

BNY Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were 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 was Monday, April 27th. BNY's dividend payout ratio is presently 26.27%.

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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