Gamco Investors INC. ET AL Sells 91,162 Shares of BNY $BK

Key Points

• Gamco Investors reduced its BNY stake by 7.0% in the fourth quarter, selling 91,162 shares. It still held 1.21 million shares worth about $141 million, making BNY its 7th-largest position.
• BNY reported strong quarterly results, with EPS of $2.25 versus the $1.94 consensus and revenue of $5.41 billion versus expectations of $5.14 billion. Revenue rose 12.9% year over year, and analysts now expect full-year EPS of 8.78.
• Despite some insider selling, BNY continues to receive generally positive analyst coverage, with a consensus rating of “Moderate Buy” and an average target price of $138.08. The stock also pays a quarterly dividend of $0.53 per share, or $2.12 annually, for a 1.6% yield.

Gamco Investors INC. ET AL lowered its position in shares of BNY (NYSE:BK - Free Report) by 7.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,214,848 shares of the bank's stock after selling 91,162 shares during the quarter. BNY comprises 1.4% of Gamco Investors INC. ET AL's portfolio, making the stock its 7th largest position. Gamco Investors INC. ET AL owned approximately 0.17% of BNY worth $141,032,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Sapient Capital LLC grew its holdings in shares of BNY by 7.4% during the fourth quarter. Sapient Capital LLC now owns 5,441 shares of the bank's stock valued at $636,000 after purchasing an additional 375 shares during the last quarter. Passumpsic Savings Bank bought a new position in shares of BNY during the fourth quarter valued at approximately $3,105,000. Chase Investment Counsel Corp grew its holdings in shares of BNY by 2.1% during the fourth quarter. Chase Investment Counsel Corp now owns 82,569 shares of the bank's stock valued at $9,585,000 after purchasing an additional 1,703 shares during the last quarter. North Dakota State Investment Board bought a new position in shares of BNY during the fourth quarter valued at approximately $2,809,000. Finally, Elyxium Wealth LLC grew its holdings in shares of BNY by 1.5% during the fourth quarter. Elyxium Wealth LLC now owns 7,434 shares of the bank's stock valued at $863,000 after purchasing an additional 107 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

BNY Stock Performance

Shares of BK stock opened at $134.89 on Monday. BNY has a 12-month low of $87.41 and a 12-month high of $139.15. The firm has a market capitalization of $92.84 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 0.99 and a beta of 1.08. The business has a 50 day simple moving average of $125.55 and a 200 day simple moving average of $119.43. 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 (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.31. The business had revenue of $5.41 billion during 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 for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.58 EPS. On average, equities research analysts anticipate that BNY will post 8.78 EPS for the current year.

BNY Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have recently commented on BK shares. Evercore set a $136.00 target price on BNY in a 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 report on Friday, April 17th. Weiss Ratings raised BNY from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. Citigroup started coverage on BNY in a report on Monday, February 23rd. They set a "neutral" rating for the company. Finally, Truist Financial upped their target price on BNY from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, April 17th. 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 company's stock. According to data from MarketBeat, BNY currently has an average rating of "Moderate Buy" and a consensus target price of $138.08.

Insider Buying and Selling at BNY

In other BNY news, EVP Alejandro Perez sold 12,504 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the transaction, the executive vice president directly owned 62,613 shares of the company's stock, valued at $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Shannon Marie Hobbs sold 297 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the transaction, the vice president directly 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 SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 48,091 shares of company stock valued at $6,568,423. Corporate insiders own 0.17% of the company's stock.

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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