Comerica Bank Sells 21,757 Shares of BNY $BK

Comerica Bank lowered its stake in shares of BNY (NYSE:BK - Free Report) by 14.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 128,085 shares of the bank's stock after selling 21,757 shares during the quarter. Comerica Bank's holdings in BNY were worth $14,869,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in BNY during the fourth quarter worth $27,000. Marquette Asset Management LLC increased its position in BNY by 174.7% during the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock worth $30,000 after acquiring an additional 166 shares during the period. Valley Wealth Managers Inc. bought a new position in BNY during the third quarter worth $33,000. Westside Investment Management Inc. increased its position in BNY by 44.1% during the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock worth $45,000 after acquiring an additional 127 shares during the period. 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 buying an additional 242 shares during the period. Institutional investors own 85.31% of the company's stock.

BNY Stock Down 0.6%

BK opened at $133.63 on Wednesday. The firm's 50-day simple moving average is $122.33 and its 200-day simple moving average is $117.42. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.75. BNY has a twelve month low of $77.77 and a twelve month high of $139.15. The firm has a market cap of $91.97 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 0.98 and a beta of 1.06.

BNY (NYSE:BK - Get Free Report) last posted its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm earned $1.58 EPS. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. Equities research analysts anticipate that BNY will post 8.76 EPS for the current fiscal year.

BNY Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Monday, April 27th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Monday, April 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.6%. BNY's dividend payout ratio is presently 26.27%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the company's 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 sale, the executive vice president owned 50,238 shares of the company's stock, valued at approximately $6,857,487. This represents a 37.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Shannon Marie Hobbs sold 297 shares of the company'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 completion of the sale, the vice president directly owned 15,206 shares in the company, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 48,091 shares of company stock worth $6,568,423 in the last quarter. 0.17% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on BK shares. JPMorgan Chase & Co. boosted their price target on shares of BNY from $128.50 to $130.50 and gave the company an "overweight" rating in a report on Tuesday, April 7th. Truist Financial boosted their price target on shares of BNY from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, April 17th. Wells Fargo & Company boosted their price target on shares of BNY from $119.00 to $122.00 and gave the company an "equal weight" rating in a report on Wednesday, January 14th. Citigroup started coverage on shares of BNY in a report on Monday, February 23rd. They issued a "neutral" rating on the stock. Finally, Evercore set a $136.00 price target on shares of BNY in a report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently 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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