Cascade Financial Partners LLC Makes New $2.29 Million Investment in BNY $BK

Cascade Financial Partners LLC purchased a new position in shares of BNY (NYSE:BK) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 19,711 shares of the bank’s stock, valued at approximately $2,288,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BK. Revolve Wealth Partners LLC bought a new stake in shares of BNY during the 4th quarter worth about $220,000. Sivia Capital Partners LLC raised its position in shares of BNY by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after buying an additional 909 shares in the last quarter. Jump Financial LLC bought a new stake in shares of BNY during the 2nd quarter worth about $2,482,000. Treasurer of the State of North Carolina raised its position in shares of BNY by 1.7% during the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock worth $30,466,000 after buying an additional 5,445 shares in the last quarter. Finally, Osterweis Capital Management Inc. raised its position in shares of BNY by 11,890.0% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock worth $109,000 after buying an additional 1,189 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on BK shares. Citigroup started coverage on shares of BNY in a research report on Monday, February 23rd. They set a “neutral” rating on the stock. Morgan Stanley boosted their price target on shares of BNY from $135.00 to $139.00 and gave the stock an “equal weight” rating in a research report on Friday, April 17th. Royal Bank Of Canada boosted their price target on shares of BNY from $130.00 to $142.00 and gave the stock a “sector perform” rating in a research report on Friday, April 17th. Weiss Ratings raised shares of BNY from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. Finally, Barclays lifted their price objective on shares of BNY from $143.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $138.08.

BNY Stock Performance

Shares of BK opened at $134.89 on Monday. The firm’s 50 day moving average is $125.55 and its 200-day moving average is $119.43. The stock has a market capitalization of $92.84 billion, a P/E ratio of 16.72, a P/E/G ratio of 0.99 and a beta of 1.08. 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 12-month low of $87.41 and a 12-month high of $139.15.

BNY (NYSE:BK) last announced its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.31. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.14 billion. BNY had a net margin of 14.60% and a return on equity of 15.29%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.58 EPS. Equities research analysts anticipate that BNY will post 8.78 EPS for the current fiscal year.

BNY Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given 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 was Monday, April 27th. BNY’s dividend payout ratio (DPR) is 26.27%.

Insider Activity

In other news, insider Kurtis R. Kurimsky sold 5,290 shares of BNY stock in a transaction that occurred on Friday, April 17th. The shares were 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 $2,347,569.18. This trade represents a 23.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Shannon Marie Hobbs sold 297 shares of BNY stock in a transaction that occurred 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. This trade represents a 1.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is currently owned by insiders.

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.