Hikari Power Ltd Sells 11,680 Shares of BNY $BK

Key Points

• Hikari Power Ltd reduced its BNY stake by 5.7% in the fourth quarter, selling 11,680 shares and leaving it with 194,130 shares valued at about $22.5 million.
• BNY posted stronger-than-expected quarterly results, reporting EPS of $2.25 versus the $1.94 estimate and revenue of $5.41 billion, up 12.9% from a year earlier.
• Analyst sentiment remains positive but mixed, with an average “Moderate Buy” rating and an average price target of $137.35, while insider selling has continued in recent months.

Hikari Power Ltd lowered its holdings in shares of BNY (NYSE:BK - Free Report) by 5.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 194,130 shares of the bank's stock after selling 11,680 shares during the period. BNY makes up 1.8% of Hikari Power Ltd's investment portfolio, making the stock its 13th largest holding. Hikari Power Ltd's holdings in BNY were worth $22,537,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in BNY during the fourth quarter worth about $27,000. Marquette Asset Management LLC boosted its stake 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 in the last quarter. Valley Wealth Managers Inc. bought a new stake in BNY during the third quarter worth about $33,000. Kohmann Bosshard Financial Services LLC bought a new stake in BNY during the fourth quarter worth about $46,000. Finally, Westside Investment Management Inc. boosted its stake 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 in the last quarter. Institutional investors own 85.31% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BK shares. New Street Research set a $143.00 price objective on shares of BNY in a research note on Wednesday, January 14th. Royal Bank Of Canada upped their target price on shares of BNY from $130.00 to $142.00 and gave the stock a "sector perform" rating in a research note on Friday, April 17th. Citigroup began coverage on shares of BNY in a research note on Monday, February 23rd. They issued a "neutral" rating on the stock. Keefe, Bruyette & Woods upped their target price on shares of BNY from $143.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. Finally, Evercore set a $136.00 target price on shares of BNY in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, BNY presently has an average rating of "Moderate Buy" and an average target price of $137.35.

Insider Activity at BNY

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the transaction, the insider owned 17,259 shares in the company, valued at $2,347,569.18. This represents a 23.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Shannon Marie Hobbs sold 297 shares of the stock in a transaction that occurred 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 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 position. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,091 shares of company stock worth $6,568,423 in the last three months. 0.17% of the stock is currently owned by company insiders.

BNY Price Performance

BK opened at $130.48 on Friday. The company's 50-day simple moving average is $123.84 and its two-hundred day simple moving average is $118.32. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.71 and a current ratio of 0.75. The stock has a market capitalization of $89.80 billion, a P/E ratio of 16.17, a P/E/G ratio of 0.96 and a beta of 1.08. BNY has a 52-week low of $85.69 and a 52-week high of $139.15.

BNY (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.31. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. BNY had a net margin of 14.60% and a return on equity of 15.29%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.58 EPS. As a group, analysts predict that BNY will post 8.76 EPS for the current 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 was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.6%. BNY's dividend payout ratio is 26.27%.

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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