Novare Capital Management LLC Sells 4,961 Shares of BNY $BK

Novare Capital Management LLC reduced its holdings in shares of BNY (NYSE:BK) by 3.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 142,617 shares of the bank’s stock after selling 4,961 shares during the period. BNY comprises 1.2% of Novare Capital Management LLC’s portfolio, making the stock its 23rd biggest position. Novare Capital Management LLC’s holdings in BNY were worth $16,556,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In related news, VP Shannon Marie Hobbs sold 297 shares of the business’s 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 transaction, the vice president directly owned 15,206 shares in the company, valued at $2,083,982.30. The trade was a 1.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the transaction, the executive vice president owned 50,238 shares in the company, valued at approximately $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,091 shares of company stock valued at $6,568,423 in the last 90 days. Corporate insiders own 0.17% of the company’s stock.

BNY Trading Down 0.8%

Shares of NYSE:BK opened at $134.89 on Friday. BNY has a 12-month low of $87.41 and a 12-month high of $139.15. The business’s fifty day simple moving average is $125.55 and its 200-day simple moving average is $119.35. The company has a market capitalization of $92.84 billion, a PE ratio of 16.72, a P/E/G ratio of 0.99 and a beta of 1.08. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82.

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

BNY Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Morgan Stanley lifted their target price on BNY from $135.00 to $139.00 and gave the company an “equal weight” rating in a research report on Friday, April 17th. Weiss Ratings raised BNY from a “buy (a-)” rating to a “buy (a)” rating in a research report on Monday, May 4th. Citigroup assumed coverage on BNY in a research report on Monday, February 23rd. They set a “neutral” rating for the company. JPMorgan Chase & Co. lifted their target price on BNY from $130.50 to $140.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Finally, Truist Financial lifted their target price on BNY from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $138.08.

BNY Company 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.