BNY $BK Stake Increased by Formidable Asset Management LLC

Formidable Asset Management LLC boosted its stake in BNY (NYSE:BK) by 198.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,770 shares of the bank’s stock after acquiring an additional 5,830 shares during the period. Formidable Asset Management LLC’s holdings in BNY were worth $956,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. increased its position in shares of BNY by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after purchasing an additional 2,034,781 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of BNY by 639.5% during 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 worth $771,080,000 after purchasing an additional 6,119,749 shares during the last quarter. First Trust Advisors LP grew its stake in BNY by 1.5% in the third quarter. First Trust Advisors LP now owns 4,483,889 shares of the bank’s stock worth $488,564,000 after purchasing an additional 66,010 shares in the last quarter. AQR Capital Management LLC grew 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 worth $438,418,000 after purchasing an additional 906,218 shares in the last quarter. Finally, Barclays PLC increased its holdings in BNY by 1.4% in the third quarter. Barclays PLC now owns 2,372,430 shares of the bank’s stock valued at $258,500,000 after buying an additional 31,643 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BK has been the topic of several research reports. Morgan Stanley cut their price objective on BNY from $147.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Tuesday. New Street Research set a $143.00 price target on BNY in a report on Wednesday, January 14th. Truist Financial upped their price target on BNY from $136.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday. Keefe, Bruyette & Woods raised their price objective on BNY from $132.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 14th. Finally, Barclays lifted their price objective on shares of BNY from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $132.67.

BNY Stock Performance

Shares of BK stock opened at $122.21 on Friday. The company has a market cap of $84.11 billion, a P/E ratio of 16.49, a PEG ratio of 1.14 and a beta of 1.06. The business has a 50 day moving average of $118.53 and a two-hundred day moving average of $114.42. BNY has a 52 week low of $70.46 and a 52 week high of $128.76. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81.

BNY (NYSE:BK) last announced its quarterly earnings results on Tuesday, January 13th. The bank reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.11. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.11 billion. BNY had a return on equity of 14.37% and a net margin of 13.62%.The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.72 EPS. As a group, analysts anticipate that BNY will post 6.96 EPS for the current year.

BNY Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were given a $0.53 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 annualized dividend and a yield of 1.7%. BNY’s dividend payout ratio (DPR) is currently 28.61%.

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.