Swiss Life Asset Management Ltd Buys 39,355 Shares of BNY $BK

Key Points

• Swiss Life Asset Management increased its BNY stake by 20% in the fourth quarter, buying 39,355 shares and bringing its total holding to 236,020 shares valued at about $27.4 million.
• Several analysts turned more bullish on BNY, with firms including Barclays, JPMorgan, Truist, and Keefe, Bruyette & Woods raising price targets; the consensus rating remains Moderate Buy with an average target price of $138.08.
• BNY reported strong quarterly results, posting $2.25 EPS versus the $1.94 estimate and revenue of $5.41 billion, while also paying a $0.53 quarterly dividend for a 1.6% annual yield.

Swiss Life Asset Management Ltd boosted its stake in BNY (NYSE:BK - Free Report) by 20.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,020 shares of the bank's stock after acquiring an additional 39,355 shares during the period. Swiss Life Asset Management Ltd's holdings in BNY were worth $27,400,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in BNY by 639.5% in the third 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 buying an additional 6,119,749 shares during the period. Ameriprise Financial Inc. lifted its stake in BNY by 18.0% in the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock valued at $1,454,116,000 after buying an additional 2,034,781 shares during the period. AQR Capital Management LLC lifted its stake in BNY by 29.1% in the third quarter. AQR Capital Management LLC now owns 4,023,663 shares of the bank's stock valued at $438,418,000 after buying an additional 906,218 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new position in BNY in the fourth quarter valued at approximately $95,002,000. Finally, Vanguard Group Inc. lifted its stake in BNY by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock valued at $8,279,525,000 after buying an additional 647,847 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Barclays boosted their price target on BNY from $143.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. JPMorgan Chase & Co. upped their target price on BNY from $130.50 to $140.00 and gave the stock an "overweight" rating in a research report on Monday. Truist Financial upped 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. Keefe, Bruyette & Woods upped their target price on BNY from $143.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Finally, Citigroup began coverage on BNY in a research report on Monday, February 23rd. They set a "neutral" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, BNY has an average rating of "Moderate Buy" and an average target price of $138.08.

BNY Trading Up 1.5%

NYSE BK opened at $132.44 on Tuesday. The firm has a market capitalization of $91.15 billion, a P/E ratio of 16.41, a PEG ratio of 0.96 and a beta of 1.08. The business has a fifty day simple moving average of $124.26 and a 200 day simple moving average of $118.66. BNY has a 12 month low of $86.52 and a 12 month high of $139.15. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82.

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 analysts' consensus estimates of $1.94 by $0.31. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.14 billion. BNY had a return on equity of 15.29% and a net margin of 14.60%.BNY's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.58 EPS. On average, analysts predict that BNY will post 8.76 EPS for the current fiscal year.

BNY Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Monday, April 27th. BNY's dividend payout ratio is presently 26.27%.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction on Friday, April 17th. The stock was 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 of the company's stock, valued at approximately $6,857,487. This represents a 37.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Alejandro Perez sold 12,504 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.01, for a total value of $1,713,173.04. Following the completion of the sale, the executive vice president directly owned 62,613 shares of the company's stock, valued at $8,578,607.13. The trade was a 16.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is owned by corporate insiders.

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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