Fideuram Intesa Sanpaolo Private Banking S.P.A. Buys New Stake in BNY $BK

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in BNY during the fourth quarter, buying 95,253 shares worth about $11.1 million.
• Institutional ownership remains heavy, with 85.31% of BNY shares held by institutional investors and hedge funds, and several other firms also recently increased their stakes.
• Analysts are generally constructive on the stock: BNY has an average rating of “Moderate Buy” with an average price target of $138.08, while the shares recently traded at $136.15 after the company beat quarterly earnings and revenue estimates.

Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of BNY (NYSE:BK - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 95,253 shares of the bank's stock, valued at approximately $11,058,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its position in shares of BNY by 18,044.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock worth $2,283,514,000 after acquiring an additional 19,561,793 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of BNY by 639.5% during the 3rd 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 purchasing an additional 6,119,749 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of BNY by 18.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock worth $1,454,116,000 after purchasing an additional 2,034,781 shares during the last quarter. AQR Capital Management LLC raised its position in shares of BNY by 29.1% during the 3rd quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank's stock worth $438,418,000 after purchasing an additional 906,218 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab acquired a new position in shares of BNY during the 4th quarter worth about $95,002,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BK. Truist Financial upped their price target on shares of BNY from $140.00 to $148.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Royal Bank Of Canada upped 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. Barclays upped their price target on shares of BNY from $143.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, April 17th. JPMorgan Chase & Co. upped their price target on shares of BNY from $130.50 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. Finally, Citigroup began coverage on shares of BNY in a research report on Monday, February 23rd. They set a "neutral" rating for the company. One equities 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 stock. Based on data from MarketBeat, BNY currently has an average rating of "Moderate Buy" and an average price target of $138.08.

BNY Stock Down 0.3%

Shares of NYSE BK opened at $136.15 on Wednesday. BNY has a 12-month low of $87.41 and a 12-month high of $139.15. The stock has a market cap of $93.70 billion, a PE ratio of 16.87, a P/E/G ratio of 1.00 and a beta of 1.08. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The company has a 50-day moving average of $126.36 and a 200 day moving average of $119.84.

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, beating 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 company had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.14 billion. During the same quarter in the prior year, the company earned $1.58 EPS. BNY's revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts predict that BNY will post 8.78 EPS for the current fiscal year.

BNY Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.6%. BNY's dividend payout ratio (DPR) is presently 26.27%.

Insider Activity at BNY

In other BNY news, VP Shannon Marie Hobbs sold 297 shares of the business's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.05, for a total value of $40,703.85. Following the completion of the transaction, the vice president owned 15,206 shares in the company, valued at $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Alejandro Perez sold 12,504 shares of the business's 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 transaction, the executive vice president owned 62,613 shares of the company's stock, valued at approximately $8,578,607.13. This trade represents a 16.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 48,091 shares of company stock worth $6,568,423. Company insiders own 0.17% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.