First Eagle Investment Management LLC Sells 559,296 Shares of BNY $BK

Key Points

• First Eagle Investment Management reduced its BNY stake by 5.4% in the fourth quarter, selling 559,296 shares and leaving it with about 9.75 million shares valued at roughly $1.13 billion.
• BNY reported stronger-than-expected quarterly results, with EPS of $2.25 versus the $1.94 estimate and revenue of $5.41 billion versus $5.14 billion expected. Revenue rose 12.9% year over year.
• Insider selling and analyst views were mixed: executives sold shares recently, while Wall Street’s consensus rating remains Moderate Buy with a target price of $138.08.

First Eagle Investment Management LLC cut its holdings in BNY (NYSE:BK - Free Report) by 5.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,745,637 shares of the bank's stock after selling 559,296 shares during the period. BNY comprises approximately 2.0% of First Eagle Investment Management LLC's portfolio, making the stock its 16th biggest holding. First Eagle Investment Management LLC owned about 1.40% of BNY worth $1,131,371,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew 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 valued at $8,279,525,000 after acquiring an additional 647,847 shares in the last quarter. Ameriprise Financial Inc. grew 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 valued at $1,454,116,000 after acquiring an additional 2,034,781 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 valued at $771,080,000 after acquiring an additional 6,119,749 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of BNY by 1.5% in the third quarter. First Trust Advisors LP now owns 4,483,889 shares of the bank's stock valued at $488,564,000 after acquiring an additional 66,010 shares in the last quarter. Finally, AQR Capital Management LLC grew 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 valued at $438,418,000 after acquiring an additional 906,218 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Insider Transactions at BNY

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Shannon Marie Hobbs sold 297 shares of the firm's stock in a transaction on Friday, April 17th. The stock was 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 directly owned 15,206 shares of the company's stock, valued at $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 48,091 shares of company stock valued at $6,568,423. Corporate insiders own 0.17% of the company's stock.

BNY Stock Performance

Shares of BK opened at $132.44 on Tuesday. The firm has a market cap of $91.15 billion, a PE ratio of 16.41, a PEG ratio of 0.96 and a beta of 1.08. The stock's fifty day moving average price is $124.26 and its two-hundred day moving average price is $118.66. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. BNY has a 1 year low of $86.52 and a 1 year high of $139.15.

BNY (NYSE:BK - Get Free Report) last issued its 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 analyst estimates of $5.14 billion. BNY had a return on equity of 15.29% and a net margin of 14.60%.The business's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.58 earnings per share. On average, equities research analysts forecast that BNY will post 8.76 EPS for the current year.

BNY Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BK. Weiss Ratings raised BNY from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. Wells Fargo & Company upped their target price on BNY from $119.00 to $122.00 and gave the company an "equal weight" rating in a report on Wednesday, January 14th. Barclays upped their target price on BNY from $143.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, April 17th. Citigroup started coverage on BNY in a report on Monday, February 23rd. They set a "neutral" rating for the company. Finally, New Street Research set a $143.00 target price on BNY in a research note on Wednesday, January 14th. One investment 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, BNY has a consensus rating of "Moderate Buy" and a consensus target price of $138.08.

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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