Teachers Retirement System of The State of Kentucky Boosts Stake in BNY $BK

Key Points

• Teachers Retirement System of Kentucky raised its BNY stake 28.1% to 305,774 shares (about $35.5M), against a backdrop of heavy institutional ownership (≈85.3%).
• BNY reported stronger-than-expected quarterly results — $2.25 EPS vs. $1.94 consensus and $5.41B revenue (up 12.9% year-over-year) — and holds a MarketBeat consensus of "Moderate Buy" with an average target of $137.35.
• The bank declared a quarterly dividend of $0.53 (annualized $2.12, ~1.6% yield) payable May 8, while insiders sold 48,091 shares (~$6.57M) in the past three months and now own 0.17% of the stock.

Teachers Retirement System of The State of Kentucky raised its holdings in shares of BNY (NYSE:BK - Free Report) by 28.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 305,774 shares of the bank's stock after buying an additional 67,000 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in BNY were worth $35,497,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BK. Ashton Thomas Private Wealth LLC raised its stake in shares of BNY by 133.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank's stock worth $9,998,000 after acquiring an additional 52,412 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of BNY by 35.1% during the third quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank's stock worth $3,487,000 after acquiring an additional 8,277 shares in the last quarter. First National Advisers LLC purchased a new position in shares of BNY during the third quarter worth approximately $3,304,000. First Horizon Corp purchased a new position in shares of BNY during the third quarter worth approximately $22,072,000. Finally, National Pension Service raised its stake in shares of BNY by 3.1% during the third quarter. National Pension Service now owns 2,053,278 shares of the bank's stock worth $223,725,000 after acquiring an additional 61,718 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

BNY Stock Down 1.0%

Shares of NYSE BK opened at $134.10 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. BNY has a 52 week low of $77.77 and a 52 week high of $139.15. The firm's fifty day moving average is $121.70 and its 200 day moving average is $116.94. The company has a market cap of $92.29 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 0.99 and a beta of 1.06.

BNY (NYSE:BK - Get Free Report) last issued its earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm 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, equities research analysts expect that BNY will post 8.76 earnings per share for the current year.

BNY Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Monday, April 27th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, April 27th. BNY's payout ratio is presently 26.27%.

Insider Activity

In related news, EVP Alejandro Perez sold 12,504 shares of BNY 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 transaction, 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Shannon Marie Hobbs sold 297 shares of BNY stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the transaction, the vice president directly owned 15,206 shares in the company, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 48,091 shares of company stock valued at $6,568,423 in the last three months. Corporate insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on BK. Citigroup began coverage on shares of BNY in a research note on Monday, February 23rd. They set a "neutral" rating on the stock. Truist Financial lifted 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. Morgan Stanley lifted their price target on shares of BNY from $135.00 to $139.00 and gave the stock an "equal weight" rating in a research note on Friday, April 17th. Weiss Ratings raised shares of BNY from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, March 11th. Finally, Evercore set a $136.00 price target on shares of BNY in a research note 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 company's stock. According to data from MarketBeat, BNY presently has a consensus rating of "Moderate Buy" and an average price target of $137.35.

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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