Resona Asset Management Co. Ltd. Sells 13,315 Shares of BNY $BK

Resona Asset Management Co. Ltd. cut its position in BNY (NYSE:BK) by 5.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 216,794 shares of the bank’s stock after selling 13,315 shares during the period. Resona Asset Management Co. Ltd.’s holdings in BNY were worth $25,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of BNY in the fourth quarter valued at approximately $27,000. Marquette Asset Management LLC raised its position in shares of BNY by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after purchasing an additional 166 shares during the period. Valley Wealth Managers Inc. bought a new stake in shares of BNY in the third quarter valued at approximately $33,000. Westside Investment Management Inc. raised its position in shares of BNY by 44.1% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock valued at $45,000 after purchasing an additional 127 shares during the period. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of BNY in the fourth quarter valued at approximately $46,000. 85.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BK has been the topic of several research reports. Morgan Stanley boosted their price target on shares of BNY from $135.00 to $139.00 and gave the company an “equal weight” rating in a research report on Friday, April 17th. Truist Financial boosted their price objective on BNY from $140.00 to $148.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Keefe, Bruyette & Woods boosted their price objective on BNY from $143.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, April 17th. Weiss Ratings upgraded BNY from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. Finally, Citigroup started coverage on BNY in a research note 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 assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $138.08.

BNY Price Performance

BK stock opened at $136.15 on Wednesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. BNY has a 52 week low of $87.41 and a 52 week high of $139.15. The firm’s fifty day moving average is $126.36 and its 200 day moving average is $119.84. The firm has a market cap of $93.70 billion, a P/E ratio of 16.87, a P/E/G ratio of 1.00 and a beta of 1.08.

BNY (NYSE:BK) last released its earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, beating 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 analyst estimates of $5.14 billion. During the same quarter last year, the firm earned $1.58 EPS. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. Research analysts predict that BNY will post 8.78 earnings per share for the current year.

BNY Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were issued a dividend of $0.53 per share. The ex-dividend date was Monday, April 27th. This represents a $2.12 annualized dividend and a yield of 1.6%. BNY’s dividend payout ratio is currently 26.27%.

Insider Buying and Selling

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the sale, the insider directly owned 17,259 shares in the company, valued at $2,347,569.18. This represents a 23.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Alejandro Perez sold 12,504 shares of the stock in a transaction dated 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 sale, the executive vice president owned 62,613 shares of the company’s stock, valued at $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is owned by 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.