BNY $BK Shares Sold by State of Michigan Retirement System

Key Points

• State of Michigan Retirement System reduced its stake in BNY by 9.0% in Q4, selling 18,018 shares and holding 182,537 shares worth about $21.19 million at period end.
• BNY beat quarterly expectations with $2.25 EPS vs. $1.94 consensus and $5.41B revenue (vs. $5.14B), and analysts maintain a generally positive view with a consensus price target of about $137.35.
• Notable insider selling occurred (EVPs sold 30,000 and 12,504 shares on April 17) and insiders have sold 48,091 shares (~$6.57M) in the past 90 days; the company also declared a $0.53 quarterly dividend (1.6% yield) payable May 8.

State of Michigan Retirement System reduced its stake in BNY (NYSE:BK - Free Report) by 9.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 182,537 shares of the bank's stock after selling 18,018 shares during the period. State of Michigan Retirement System's holdings in BNY were worth $21,191,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in BNY in the 4th quarter valued at $27,000. Marquette Asset Management LLC increased its holdings in BNY by 174.7% in 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 in the last quarter. Valley Wealth Managers Inc. acquired a new stake in BNY in the 3rd quarter valued at $33,000. Westside Investment Management Inc. increased its holdings in BNY by 44.1% in 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 in the last quarter. Finally, Dunhill Financial LLC increased its holdings in BNY by 130.8% in the 3rd quarter. Dunhill Financial LLC now owns 427 shares of the bank's stock valued at $47,000 after purchasing an additional 242 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on BK shares. JPMorgan Chase & Co. increased their price target on BNY from $128.50 to $130.50 and gave the company an "overweight" rating in a report on Tuesday, April 7th. Truist Financial increased their price target on BNY from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, April 17th. Evercore set a $136.00 price objective on shares of BNY in a report on Friday, April 17th. Barclays boosted their price objective on shares of BNY from $143.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Finally, New Street Research set a $143.00 price objective on shares of BNY in a report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, BNY has an average rating of "Moderate Buy" and a consensus price target of $137.35.

BNY Stock Performance

Shares of BK stock opened at $134.39 on Tuesday. BNY has a 12 month low of $77.77 and a 12 month high of $139.15. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.71. The firm has a market capitalization of $92.49 billion, a P/E ratio of 16.65, a P/E/G ratio of 0.98 and a beta of 1.06. The company's fifty day moving average price is $122.03 and its two-hundred day moving average price is $117.21.

BNY (NYSE:BK - Get Free Report) last issued 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. BNY had a net margin of 14.60% and a return on equity of 15.29%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the business posted $1.58 EPS. The firm's revenue was up 12.9% compared to the same quarter last year. On average, research analysts anticipate that BNY will post 8.76 earnings per share for the current fiscal year.

BNY Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Monday, April 27th will be issued a dividend of $0.53 per share. 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 dividend payout ratio (DPR) is currently 26.27%.

Insider Activity at BNY

In other BNY news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the completion of the transaction, the executive vice president directly owned 50,238 shares of the company's stock, valued at $6,857,487. This trade represents a 37.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alejandro Perez sold 12,504 shares of the firm's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the transaction, the executive vice president directly owned 62,613 shares of the company's stock, valued at approximately $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 48,091 shares of company stock valued at $6,568,423 in the last 90 days. 0.17% of the stock is currently owned by insiders.

About BNY

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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