BNY $BK Stock Holdings Lessened by CORDA Investment Management LLC.

Key Points

• CORDA Investment Management LLC trimmed its stake in BNY by 2.1% in Q4, selling 11,650 shares to hold 551,370 shares (about 0.08% of BNY) worth roughly $64.0 million, making BK its second-largest holding at ~4.7% of the portfolio.
• BNY beat quarterly estimates, reporting $2.25 EPS vs. $1.94 expected and $5.41 billion in revenue vs. $5.14 billion expected, with revenue up 12.9% year-over-year.
• Insider selling and heavy institutional ownership: insiders sold 48,091 shares (~$6.57M) over the past three months while institutional investors own 85.31% of the stock, including large additions from UBS, Ameriprise, AQR and Vanguard (Vanguard holds ~71.3M shares).

CORDA Investment Management LLC. trimmed its position in BNY (NYSE:BK - Free Report) by 2.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 551,370 shares of the bank's stock after selling 11,650 shares during the quarter. BNY makes up approximately 4.7% of CORDA Investment Management LLC.'s portfolio, making the stock its 2nd biggest holding. CORDA Investment Management LLC. owned approximately 0.08% of BNY worth $64,009,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BK. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of BNY by 639.5% in the third 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 buying an additional 6,119,749 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of BNY by 18.0% in the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock worth $1,454,116,000 after buying an additional 2,034,781 shares in the last quarter. AQR Capital Management LLC lifted its holdings 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 worth $438,418,000 after buying an additional 906,218 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of BNY in the fourth quarter worth about $95,002,000. Finally, Vanguard Group Inc. lifted its holdings in shares of BNY by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock worth $8,279,525,000 after buying an additional 647,847 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at BNY

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction that occurred 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider directly owned 17,259 shares in the company, valued at $2,347,569.18. This represents a 23.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 48,091 shares of company stock valued at $6,568,423. Company insiders own 0.17% of the company's stock.

BNY Trading Down 2.3%

Shares of BK opened at $130.61 on Friday. The firm's 50 day simple moving average is $123.84 and its 200 day simple moving average is $118.32. The company has a market capitalization of $89.89 billion, a P/E ratio of 16.18, a P/E/G ratio of 0.98 and a beta of 1.08. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.71. BNY has a 1-year low of $84.54 and a 1-year high of $139.15.

BNY (NYSE:BK - Get Free Report) last announced its 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. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. BNY had a net margin of 14.60% and a return on equity of 15.29%. BNY's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $1.58 earnings per share. Sell-side analysts forecast that BNY will post 8.76 earnings per share for the current fiscal year.

BNY Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Monday, April 27th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis 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%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BK. Evercore set a $136.00 price target on shares of BNY in a report on Friday, April 17th. JPMorgan Chase & Co. increased their price target on shares of BNY from $128.50 to $130.50 and gave the stock an "overweight" rating in a report on Tuesday, April 7th. Morgan Stanley increased their price target on shares of BNY from $135.00 to $139.00 and gave the stock an "equal weight" rating in a report on Friday, April 17th. Royal Bank Of Canada increased their price target on shares of BNY from $130.00 to $142.00 and gave the stock a "sector perform" rating in a report on Friday, April 17th. Finally, Weiss Ratings raised shares of BNY from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday. One investment 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 data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target 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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