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

Shares of BNY (NYSE:BK) 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 trading hands. The stock had previously closed at $127.56.

Analysts Set New Price Targets

Several brokerages recently issued reports on BK. Truist Financial lifted their price objective on shares of BNY from $136.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, April 1st. Barclays lifted their price objective on shares of BNY from $120.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Citigroup started coverage on shares of BNY in a research note on Monday, February 23rd. They issued a “neutral” rating for the company. TD Cowen raised their target price on shares of BNY from $133.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Finally, Royal Bank Of Canada raised their target price on shares of BNY from $124.00 to $130.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $132.50.

BNY Trading Up 1.1%

The company has a market capitalization of $88.77 billion, a price-to-earnings ratio of 17.41, a P/E/G ratio of 1.02 and a beta of 1.06. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The company’s 50 day simple moving average is $119.21 and its two-hundred day simple moving average is $115.16.

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

BNY Dividend Announcement

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

Institutional Investors Weigh In On BNY

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of BNY by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock worth $8,279,525,000 after buying an additional 647,847 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of BNY by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock worth $2,283,514,000 after buying an additional 19,561,793 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of BNY by 18.0% during the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after buying an additional 2,034,781 shares during the period. Norges Bank acquired a new stake in shares of BNY during the fourth quarter worth $1,398,624,000. Finally, Invesco Ltd. lifted 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 buying an additional 578,999 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.