BNY $BK Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System reduced its BNY stake by 5.4%, selling 38,663 shares and retaining 673,735 shares (about 0.10% of the company) valued at roughly $78.21 million at quarter-end.
• Corporate insiders have been net sellers, disposing of 48,091 shares worth $6.57 million in the past 90 days — including EVP J. Kevin McCarthy’s sale of 30,000 shares at $136.50 — leaving insiders with 0.17% ownership.
• BNY beat expectations for the quarter with $2.25 EPS vs. $1.94 expected and $5.41 billion in revenue vs. $5.14 billion consensus, and declared a $0.53 quarterly dividend (annualized $2.12, ~1.6% yield).

New York State Teachers Retirement System lessened its holdings in shares of BNY (NYSE:BK - Free Report) by 5.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 673,735 shares of the bank's stock after selling 38,663 shares during the quarter. New York State Teachers Retirement System owned 0.10% of BNY worth $78,214,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in BNY by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock valued at $8,279,525,000 after purchasing an additional 647,847 shares during the last quarter. Ameriprise Financial Inc. grew its position in BNY by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock worth $1,454,116,000 after purchasing an additional 2,034,781 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in BNY by 639.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock worth $771,080,000 after purchasing an additional 6,119,749 shares during the last quarter. First Trust Advisors LP increased its stake in shares of BNY by 1.5% in the third quarter. First Trust Advisors LP now owns 4,483,889 shares of the bank's stock valued at $488,564,000 after purchasing an additional 66,010 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of BNY by 29.1% in the third quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank's stock valued at $438,418,000 after purchasing an additional 906,218 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Buying and Selling at BNY

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 50,238 shares of the company's stock, valued at $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Shannon Marie Hobbs sold 297 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was 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 of the company's stock, valued at approximately $2,083,982.30. This represents a 1.92% decrease in their position. 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 worth $6,568,423. Corporate insiders own 0.17% of the company's stock.

BNY Price Performance

NYSE:BK opened at $134.52 on Friday. The firm has a market cap of $92.58 billion, a P/E ratio of 16.67, a PEG ratio of 0.97 and a beta of 1.06. The business's 50-day moving average price is $122.91 and its 200 day moving average price is $117.64. The company has a quick ratio of 0.71, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. BNY has a 52-week low of $79.72 and a 52-week high of $139.15.

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

BNY Dividend Announcement

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 $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Monday, April 27th. BNY's payout ratio is 26.27%.

Analyst Upgrades and Downgrades

BK has been the subject of several analyst reports. Wells Fargo & Company boosted their price objective on BNY from $119.00 to $122.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 14th. Weiss Ratings raised BNY from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, March 11th. Citigroup assumed coverage on BNY in a research report on Monday, February 23rd. They set a "neutral" rating for the company. Morgan Stanley raised their price target on BNY from $135.00 to $139.00 and gave the company an "equal weight" rating in a report on Friday, April 17th. Finally, Evercore set a $136.00 price objective on shares of BNY in a research note on Friday, April 17th. One equities research 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $137.35.

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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