Passumpsic Savings Bank Buys Shares of 26,746 BNY $BK

Key Points

• Passumpsic Savings Bank opened a new position in BNY during the fourth quarter, buying 26,746 shares valued at about $3.1 million. The stake represents roughly 1.7% of the bank’s portfolio.
• BNY reported strong quarterly results, with EPS of $2.25 beating estimates by $0.31 and revenue of $5.41 billion topping forecasts. Revenue also rose 12.9% year over year.
• Analyst sentiment remains positive, with several firms raising price targets and the stock carrying a consensus rating of “Moderate Buy” and average target of $138.08. BNY also recently paid a quarterly dividend of $0.53 per share, yielding about 1.6%.

Passumpsic Savings Bank purchased a new position in BNY (NYSE:BK - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 26,746 shares of the bank's stock, valued at approximately $3,105,000. BNY makes up about 1.7% of Passumpsic Savings Bank's portfolio, making the stock its 21st largest holding.

Other institutional investors have also modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of BNY in the fourth quarter worth $27,000. Marquette Asset Management LLC grew its stake in shares of BNY by 174.7% in 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. acquired a new position in shares of BNY in the third quarter worth $33,000. Westside Investment Management Inc. grew its stake in shares of 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 in the last quarter. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in BNY in the fourth quarter valued at $46,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Insider Activity at BNY

In other BNY news, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction 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 transaction, the executive vice president owned 50,238 shares in the company, valued at $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Alejandro Perez sold 12,504 shares of the company's 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 completion of the transaction, the executive vice president owned 62,613 shares of the company's stock, valued at $8,578,607.13. This represents a 16.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 48,091 shares of company stock worth $6,568,423. Insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on BK. Truist Financial increased 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. Evercore set a $136.00 target price on BNY in a report on Friday, April 17th. JPMorgan Chase & Co. increased their target price on BNY from $130.50 to $140.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Keefe, Bruyette & Woods increased their target price on BNY from $143.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Finally, Morgan Stanley increased their target price on BNY from $135.00 to $139.00 and gave the company an "equal weight" 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $138.08.

BNY Stock Performance

NYSE BK opened at $134.89 on Monday. 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 $87.41 and a 1 year high of $139.15. The company has a market capitalization of $92.84 billion, a PE ratio of 16.72, a P/E/G ratio of 0.99 and a beta of 1.08. The company has a fifty day moving average of $125.55 and a two-hundred day moving average of $119.43.

BNY (NYSE:BK - Get Free Report) last released its quarterly earnings data 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. BNY had a net margin of 14.60% and a return on equity of 15.29%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm posted $1.58 earnings per share. BNY's revenue for the quarter was up 12.9% on a year-over-year basis. As a group, analysts expect 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. Shareholders of record on Monday, April 27th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, April 27th. BNY's dividend payout ratio is currently 26.27%.

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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