North Dakota State Investment Board Acquires Shares of 24,200 BNY $BK

Key Points

• North Dakota State Investment Board disclosed a new fourth-quarter stake in BNY, buying 24,200 shares valued at about $2.81 million.
• BNY reported strong quarterly results, with EPS of $2.25 and revenue of $5.41 billion, both ahead of analyst expectations; revenue rose 12.9% year over year.
• Analysts and insiders sent mixed signals: several firms raised price targets and the stock has a Moderate Buy consensus, while executives recently sold shares and the company declared a quarterly dividend of $0.53 per share.

North Dakota State Investment Board acquired a new stake in BNY (NYSE:BK - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 24,200 shares of the bank's stock, valued at approximately $2,809,000.

A number of other institutional investors also recently bought and sold shares of BK. Thurston Springer Miller Herd & Titak Inc. acquired a new position in BNY in the fourth quarter valued at $27,000. Marquette Asset Management LLC increased its stake in BNY by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock valued at $30,000 after purchasing an additional 166 shares during the period. Valley Wealth Managers Inc. acquired a new position in BNY in the third quarter valued at $33,000. Westside Investment Management Inc. increased its stake in BNY by 44.1% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock valued at $45,000 after purchasing an additional 127 shares during the period. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in BNY in the fourth quarter valued at $46,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BK has been the topic of a number of recent research reports. Morgan Stanley lifted their price objective on shares of BNY from $135.00 to $139.00 and gave the company an "equal weight" rating in a research note on Friday, April 17th. Evercore set a $136.00 price target on shares of BNY in a research note on Friday, April 17th. Truist Financial boosted their price target on shares of BNY from $140.00 to $148.00 and gave the stock a "buy" rating in a research note on Friday, April 17th. Barclays boosted their price target on shares of BNY from $143.00 to $149.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Finally, Citigroup initiated coverage on shares of BNY in a research note on Monday, February 23rd. They set a "neutral" rating on the stock. One equities research 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $138.08.

Insider Activity at BNY

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the sale, the executive vice president owned 50,238 shares of the company's stock, valued at approximately $6,857,487. The trade was a 37.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alejandro Perez sold 12,504 shares of the business's stock in a transaction dated 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 sale, the executive vice president directly owned 62,613 shares in the company, valued at approximately $8,578,607.13. This represents a 16.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 48,091 shares of company stock worth $6,568,423 in the last ninety days. Corporate insiders own 0.17% of the company's stock.

BNY Trading Up 1.2%

Shares of BNY stock opened at $136.60 on Tuesday. BNY has a 52-week low of $87.41 and a 52-week high of $139.15. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. The company's 50-day simple moving average is $125.94 and its 200-day simple moving average is $119.63. The firm has a market cap of $94.01 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.99 and a beta of 1.08.

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, topping analysts' consensus estimates of $1.94 by $0.31. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. BNY had a net margin of 14.60% and a return on equity of 15.29%. The business's revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.58 earnings per share. As a group, equities research analysts anticipate that BNY will post 8.78 earnings per share 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 issued 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 yield of 1.6%. BNY's payout ratio is currently 26.27%.

About BNY

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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