Conning Inc. Reduces Stock Position in BNY $BK

Key Points

• Conning Inc. reduced its BNY stake by 8.9% in the fourth quarter, selling 28,071 shares and leaving it with 288,891 shares valued at about $33.5 million.
• BNY reported strong quarterly results, with EPS of $2.25 beating estimates and revenue of $5.41 billion topping forecasts, while revenue rose 12.9% year over year.
• The company also paid a $0.53 quarterly dividend and has drawn mostly positive analyst sentiment, with a consensus rating of Moderate Buy and an average target price of $138.08.

Conning Inc. cut its holdings in BNY (NYSE:BK - Free Report) by 8.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 288,891 shares of the bank's stock after selling 28,071 shares during the period. BNY comprises about 1.1% of Conning Inc.'s holdings, making the stock its 28th largest position. Conning Inc.'s holdings in BNY were worth $33,537,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BK. Ransom Advisory Ltd lifted its stake in BNY by 1.3% during the fourth quarter. Ransom Advisory Ltd now owns 6,777 shares of the bank's stock worth $787,000 after purchasing an additional 85 shares during the last quarter. Mather Group LLC. increased its stake in BNY by 0.9% in the fourth quarter. Mather Group LLC. now owns 9,232 shares of the bank's stock valued at $1,072,000 after purchasing an additional 86 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in BNY by 1.3% during the third quarter. Valeo Financial Advisors LLC now owns 7,539 shares of the bank's stock worth $821,000 after purchasing an additional 94 shares in the last quarter. Vectors Research Management LLC raised its holdings in BNY by 0.7% during the fourth quarter. Vectors Research Management LLC now owns 12,981 shares of the bank's stock worth $1,507,000 after purchasing an additional 94 shares in the last quarter. Finally, Angeles Wealth Management LLC lifted its position in shares of BNY by 2.6% during the 3rd quarter. Angeles Wealth Management LLC now owns 3,798 shares of the bank's stock worth $414,000 after buying an additional 98 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Alejandro Perez sold 12,504 shares of the 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 completion of the sale, the executive vice president directly owned 62,613 shares of the company's stock, valued at $8,578,607.13. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Shannon Marie Hobbs sold 297 shares of BNY stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of 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. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,091 shares of company stock worth $6,568,423 over the last three months. 0.17% of the stock is owned by company insiders.

BNY Trading Up 0.6%

Shares of BNY stock opened at $135.82 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market capitalization of $93.48 billion, a P/E ratio of 16.83, a PEG ratio of 0.99 and a beta of 1.08. BNY has a 1 year low of $87.41 and a 1 year high of $139.15. The company's fifty day moving average is $125.22 and its two-hundred day moving average is $119.24.

BNY (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) 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 analysts' expectations of $5.14 billion. BNY had a return on equity of 15.29% and a net margin of 14.60%.The firm's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.58 EPS. Analysts forecast that BNY will post 8.78 earnings per share for the current year.

BNY Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were paid 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 was Monday, April 27th. BNY's dividend payout ratio is 26.27%.

Analyst Ratings Changes

A number of research analysts recently commented on BK shares. Truist Financial increased their target price on shares of BNY from $140.00 to $148.00 and gave the company a "buy" rating in a research report on Friday, April 17th. Evercore set a $136.00 price objective on BNY in a report on Friday, April 17th. Morgan Stanley lifted their target price on BNY from $135.00 to $139.00 and gave the stock an "equal weight" rating in a research report on Friday, April 17th. Royal Bank Of Canada upped their target price on BNY from $130.00 to $142.00 and gave the company a "sector perform" rating in a research report on Friday, April 17th. Finally, Weiss Ratings upgraded BNY from a "buy (a-)" rating to a "buy (a)" rating in a research note on Monday, May 4th. One 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $138.08.

BNY Company 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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