Northwestern Mutual Wealth Management Co. Has $2.28 Billion Holdings in BNY $BK

Key Points

• Northwestern Mutual Wealth Management dramatically increased its BNY stake in the fourth quarter, ending with 19.67 million shares worth about $2.28 billion. The position made BNY its 15th-largest holding and about 1.1% of its portfolio.
• BNY reported strong quarterly earnings, posting $2.25 EPS versus the $1.94 consensus estimate, while revenue rose 12.9% year over year to $5.41 billion. Analysts now expect the company to earn 8.78 EPS for the full year.
• Analyst sentiment remains positive, with several firms raising price targets and BNY holding a Moderate Buy consensus rating and $138.08 average price target. The stock also recently paid a $0.53 quarterly dividend, equal to a 1.6% annual yield.

Northwestern Mutual Wealth Management Co. raised its holdings in BNY (NYSE:BK - Free Report) by 18,044.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,670,202 shares of the bank's stock after buying an additional 19,561,793 shares during the period. BNY comprises approximately 1.1% of Northwestern Mutual Wealth Management Co.'s investment portfolio, making the stock its 15th biggest holding. Northwestern Mutual Wealth Management Co. owned approximately 2.82% of BNY worth $2,283,514,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in BK. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of BNY during the 4th quarter worth approximately $27,000. Marquette Asset Management LLC raised its stake in BNY by 174.7% in the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock valued at $30,000 after acquiring an additional 166 shares during the period. Valley Wealth Managers Inc. acquired a new stake in BNY during the 3rd quarter valued at $33,000. Kohmann Bosshard Financial Services LLC bought a new position in BNY during the fourth quarter worth $46,000. Finally, Westside Investment Management Inc. boosted its position 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 purchasing an additional 127 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BK has been the topic of several research analyst reports. Barclays increased their price objective on shares of BNY from $143.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. Weiss Ratings raised shares of BNY from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. Keefe, Bruyette & Woods increased their price target on shares of BNY from $143.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, April 17th. JPMorgan Chase & Co. raised their price objective 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 initiated coverage on BNY in a report on Monday, February 23rd. They set a "neutral" rating for the company. One 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. Based on data from MarketBeat, BNY presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.08.

BNY Stock Down 0.8%

BK opened at $134.89 on Friday. The stock has a fifty day moving average of $125.55 and a 200-day moving average of $119.35. The company has a market capitalization of $92.84 billion, a P/E ratio of 16.72, a P/E/G ratio of 0.99 and a beta of 1.08. BNY has a fifty-two week low of $87.41 and a fifty-two week high of $139.15. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75.

BNY (NYSE:BK - Get Free Report) last released its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 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 business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the company posted $1.58 earnings per share. BNY's revenue was up 12.9% compared to the same quarter last year. On average, equities analysts expect 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. Stockholders 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 annualized dividend and a dividend yield of 1.6%. BNY's dividend payout ratio (DPR) is currently 26.27%.

Insider Buying and Selling at BNY

In other news, EVP J Kevin Mccarthy sold 30,000 shares of BNY stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the sale, the executive vice president directly owned 50,238 shares in the company, 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 accessible through this link. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the business's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the completion of the sale, the insider owned 17,259 shares of the company's stock, valued at approximately $2,347,569.18. This trade represents a 23.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 48,091 shares of company stock valued at $6,568,423 over the last ninety days. Company insiders own 0.17% of the company's stock.

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.

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.