Cascade Financial Partners LLC Makes New $2.29 Million Investment in BNY $BK

Key Points

• Cascade Financial Partners opened a new position in BNY, buying 19,711 shares valued at about $2.29 million in the fourth quarter.
• BNY continues to attract institutional interest, with 85.31% of the stock owned by hedge funds and other institutions, even as several insiders recently sold shares.
• The bank reported a strong quarter, beating earnings and revenue estimates with $2.25 EPS on $5.41 billion in revenue, and it also paid a quarterly dividend of $0.53 per share.

Cascade Financial Partners LLC acquired a new position in shares of BNY (NYSE:BK - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 19,711 shares of the bank's stock, valued at approximately $2,288,000.

Other hedge funds also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in BNY during the 4th quarter worth $27,000. Marquette Asset Management LLC grew its holdings in BNY by 174.7% during the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock worth $30,000 after acquiring an additional 166 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in BNY during the 3rd quarter worth $33,000. Kohmann Bosshard Financial Services LLC acquired a new position in BNY during the 4th quarter worth $46,000. Finally, Westside Investment Management Inc. grew its holdings in BNY by 44.1% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock worth $45,000 after acquiring an additional 127 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BK has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of BNY from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Weiss Ratings raised shares of BNY from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. Citigroup assumed coverage on shares of BNY in a report on Monday, February 23rd. They set a "neutral" rating for the company. Evercore set a $136.00 price target on shares of BNY in a research report on Friday, April 17th. Finally, Royal Bank Of Canada raised their price target on shares of BNY from $130.00 to $142.00 and gave the stock a "sector perform" rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.08.

Insider Activity

In related news, EVP Alejandro Perez sold 12,504 shares of BNY stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $137.01, for a total value of $1,713,173.04. Following the sale, the executive vice president directly owned 62,613 shares in the company, valued at $8,578,607.13. This trade represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of BNY stock in a transaction dated 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 sale, the executive vice president owned 50,238 shares in the company, valued at approximately $6,857,487. This represents a 37.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is owned by company insiders.

BNY Trading Down 0.1%

BNY stock opened at $134.89 on Monday. The company has a market cap of $92.84 billion, a P/E ratio of 16.72, a PEG ratio of 0.99 and a beta of 1.08. The firm's 50-day moving average is $125.55 and its 200-day moving average is $119.43. BNY has a 1 year low of $87.41 and a 1 year high of $139.15. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75.

BNY (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.31. The firm 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% compared to the same quarter last year. During the same period last year, the firm posted $1.58 EPS. On average, equities analysts expect that BNY will post 8.78 earnings per share for the current year.

BNY Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were given a $0.53 dividend. The ex-dividend date was Monday, April 27th. This represents a $2.12 annualized dividend and a yield of 1.6%. BNY's dividend payout ratio (DPR) is currently 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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