QRG Capital Management Inc. Grows Holdings in BNY $BK

Key Points

• QRG Capital Management increased its stake in BNY by 6.0% to 194,793 shares, valued at about $22.6 million at the end of the quarter.
• BNY beat quarterly estimates with $2.25 EPS versus $1.94 expected and $5.41B in revenue versus $5.14B, and announced a $0.53 quarterly dividend (annualized $2.12, ~1.6% yield).
• Insiders sold 48,091 shares (~$6.57M) over the last three months, while analysts maintain a Moderate Buy consensus with an average target of $137.35 and several recent price-target increases.

QRG Capital Management Inc. lifted its position in shares of BNY (NYSE:BK - Free Report) by 6.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 194,793 shares of the bank's stock after acquiring an additional 11,091 shares during the period. QRG Capital Management Inc.'s holdings in BNY were worth $22,614,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of BNY by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock valued at $8,279,525,000 after acquiring an additional 647,847 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of BNY by 18.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock valued at $1,454,116,000 after acquiring an additional 2,034,781 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of BNY by 639.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock valued at $771,080,000 after acquiring an additional 6,119,749 shares in the last quarter. First Trust Advisors LP raised its position in shares of BNY by 1.5% during the 3rd quarter. First Trust Advisors LP now owns 4,483,889 shares of the bank's stock valued at $488,564,000 after acquiring an additional 66,010 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of BNY by 29.1% during the 3rd quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank's stock valued at $438,418,000 after acquiring an additional 906,218 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Alejandro Perez sold 12,504 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.01, for a total value 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 approximately $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 value of $40,703.85. Following the completion of the transaction, the vice president directly owned 15,206 shares of the company's stock, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 48,091 shares of company stock valued at $6,568,423 over the last three months. Corporate insiders own 0.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Royal Bank Of Canada upped their price target on BNY from $130.00 to $142.00 and gave the company a "sector perform" rating in a research report on Friday, April 17th. New Street Research set a $143.00 price target on BNY in a research report on Wednesday, January 14th. Morgan Stanley upped their price target on BNY from $135.00 to $139.00 and gave the company an "equal weight" rating in a research report on Friday, April 17th. Citigroup assumed coverage on BNY in a research report on Monday, February 23rd. They set a "neutral" rating on the stock. Finally, Truist Financial increased their target price on BNY from $140.00 to $148.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $137.35.

BNY Price Performance

Shares of NYSE BK opened at $131.67 on Tuesday. BNY has a 1-year low of $81.12 and a 1-year high of $139.15. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.71. The business's fifty day moving average price is $122.91 and its two-hundred day moving average price is $117.79. The firm has a market capitalization of $90.62 billion, a PE ratio of 16.32, a P/E/G ratio of 0.98 and a beta of 1.08.

BNY (NYSE:BK - Get Free Report) last issued its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.31. BNY had a return on equity of 15.29% and a net margin of 14.60%.The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $1.58 earnings per share. The firm's revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts expect that BNY will post 8.76 EPS for the current year.

BNY Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Monday, April 27th will be given a $0.53 dividend. The ex-dividend date of this dividend is Monday, April 27th. This represents a $2.12 annualized dividend and a yield of 1.6%. BNY's dividend payout ratio (DPR) 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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