Yacktman Asset Management LP Cuts Stock Position in BNY $BK

Key Points

• Yacktman Asset Management reduced its BNY stake by 7.3% in the fourth quarter, selling 28,993 shares and ending with 365,736 shares worth about $42.5 million.
• Analysts remain generally positive on BNY, with a consensus rating of “Moderate Buy” and a consensus price target of $137.35, while several firms recently raised their targets.
• BNY reported stronger-than-expected earnings for the latest quarter, posting $2.25 EPS versus $1.94 expected and revenue of $5.41 billion, up 12.9% year over year.

Yacktman Asset Management LP lessened its position in BNY (NYSE:BK - Free Report) by 7.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 365,736 shares of the bank's stock after selling 28,993 shares during the quarter. Yacktman Asset Management LP owned approximately 0.05% of BNY worth $42,458,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BK. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of BNY in the 4th quarter valued at $27,000. Marquette Asset Management LLC raised its holdings in shares of 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 buying an additional 166 shares during the period. Valley Wealth Managers Inc. purchased a new stake in shares of BNY in the 3rd quarter valued at $33,000. Westside Investment Management Inc. raised its holdings in shares of BNY by 44.1% in the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock valued at $45,000 after buying an additional 127 shares during the period. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of BNY in the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. New Street Research set a $143.00 price objective on BNY in a report on Wednesday, January 14th. Wells Fargo & Company boosted their price objective on BNY from $119.00 to $122.00 and gave the company an "equal weight" rating in a report on Wednesday, January 14th. JPMorgan Chase & Co. upped their price target on BNY from $128.50 to $130.50 and gave the stock an "overweight" rating in a report on Tuesday, April 7th. Weiss Ratings upgraded BNY from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday. Finally, Keefe, Bruyette & Woods upped their price target on BNY from $143.00 to $150.00 and gave the stock an "outperform" rating in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.35.

Insiders Place Their Bets

In other news, VP Shannon Marie Hobbs sold 297 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $2,083,982.30. This represents a 1.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the company's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.02, for a total value of $719,545.80. Following the transaction, the insider directly owned 17,259 shares of the company's stock, valued at approximately $2,347,569.18. This represents a 23.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is owned by insiders.

BNY Price Performance

Shares of NYSE BK opened at $130.48 on Friday. The stock's 50-day moving average is $123.84 and its two-hundred day moving average is $118.32. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.71. BNY has a 1-year low of $85.69 and a 1-year high of $139.15. The company has a market cap of $89.80 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08.

BNY (NYSE:BK - Get Free Report) last issued its quarterly 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 company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the business earned $1.58 EPS. BNY's revenue was up 12.9% on a year-over-year basis. Analysts forecast that BNY will post 8.76 EPS for the current fiscal year.

BNY Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, April 27th. BNY's dividend payout ratio 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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