BNY $BK Stake Increased by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors LLC increased its stake in BNY by 100.3% in Q4, adding 25,677 shares to hold 51,268 shares worth about $5.95 million.
• BNY beat expectations for the quarter, reporting EPS $2.25 versus a $1.94 consensus and revenue of $5.41 billion, up 12.9% year-over-year.
• Insiders have sold 48,091 shares valued at about $6.57 million in the last three months, and the company declared a quarterly dividend of $0.53 per share (ex-dividend Apr 27, payable May 8).

Concurrent Investment Advisors LLC grew its holdings in BNY (NYSE:BK - Free Report) by 100.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,268 shares of the bank's stock after purchasing an additional 25,677 shares during the period. Concurrent Investment Advisors LLC's holdings in BNY were worth $5,952,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of BNY in the fourth quarter valued at $27,000. Marquette Asset Management LLC lifted its holdings in shares of 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 purchasing an additional 166 shares in the last quarter. Valley Wealth Managers Inc. purchased a new stake in shares of BNY in the third quarter valued at $33,000. Westside Investment Management Inc. lifted its holdings in shares of 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 purchasing an additional 127 shares in the last quarter. Finally, Dunhill Financial LLC lifted its holdings in shares of BNY by 130.8% in the third 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. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Transactions at BNY

In other BNY news, insider Kurtis R. Kurimsky sold 5,290 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the transaction, the insider directly owned 17,259 shares in the company, valued at $2,347,569.18. This trade represents a 23.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Shannon Marie Hobbs sold 297 shares of the firm's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $137.05, for a total value of $40,703.85. Following the transaction, the vice president owned 15,206 shares in the company, valued at approximately $2,083,982.30. This trade represents a 1.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 48,091 shares of company stock valued at $6,568,423 in the last three months. 0.17% of the stock is currently owned by insiders.

BNY Price Performance

Shares of NYSE:BK opened at $134.10 on Monday. The company has a current ratio of 0.75, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. BNY has a 1 year low of $77.77 and a 1 year high of $139.15. The business has a fifty day simple moving average of $121.70 and a 200 day simple moving average of $117.02. The firm has a market cap of $92.29 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 0.98 and a beta of 1.06.

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

BNY Announces Dividend

The company also recently disclosed 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. This represents a $2.12 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Monday, April 27th. BNY's dividend payout ratio (DPR) is currently 26.27%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. New Street Research set a $143.00 target price on BNY in a report on Wednesday, January 14th. Keefe, Bruyette & Woods increased their target price on BNY from $143.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, April 17th. TD Cowen increased their price objective on BNY from $133.00 to $145.00 and gave the stock a "buy" rating in a report on Wednesday, January 7th. Morgan Stanley increased their price objective on BNY from $135.00 to $139.00 and gave the stock an "equal weight" rating in a report on Friday, April 17th. Finally, Truist Financial increased their price objective on BNY from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, April 17th. One research 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's stock. According to MarketBeat.com, BNY has an average rating of "Moderate Buy" and a consensus price target of $137.35.

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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