BNY (NYSE:BK) Sets New 1-Year High – Still a Buy?

BNY (NYSE:BK)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $129.22 and last traded at $128.9820, with a volume of 3573883 shares. The stock had previously closed at $127.56.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BK. Royal Bank Of Canada raised their target price on shares of BNY from $124.00 to $130.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 14th. TD Cowen raised their target price on shares of BNY from $133.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. Weiss Ratings raised shares of BNY from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, March 11th. Barclays raised their target price on shares of BNY from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Finally, Wells Fargo & Company raised their target price on shares of BNY from $119.00 to $122.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, BNY has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

BNY Stock Up 1.1%

The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.71. The business’s fifty day simple moving average is $119.21 and its two-hundred day simple moving average is $115.16. The company has a market cap of $88.77 billion, a PE ratio of 17.41, a PEG ratio of 1.02 and a beta of 1.06.

BNY (NYSE:BK) last released its quarterly earnings data on Tuesday, January 13th. The bank reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.11. BNY had a net margin of 13.62% and a return on equity of 14.37%. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.11 billion. During the same quarter in the previous year, the company earned $1.72 earnings per share. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, analysts predict that BNY will post 6.96 earnings per share for the current year.

BNY Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were issued a $0.53 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.6%. BNY’s payout ratio is presently 28.61%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in BNY by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock valued at $8,279,525,000 after buying an additional 647,847 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in BNY by 18,044.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after buying an additional 19,561,793 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in BNY by 18.0% in the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock valued at $1,454,116,000 after buying an additional 2,034,781 shares in the last quarter. Norges Bank purchased a new position in BNY in the fourth quarter valued at $1,398,624,000. Finally, Invesco Ltd. increased its stake in shares of BNY by 8.2% during the fourth quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock worth $891,621,000 after purchasing an additional 578,999 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.