Northwestern Mutual Wealth Management Co. Purchases 19,561,793 Shares of BNY $BK

Northwestern Mutual Wealth Management Co. grew its position in shares of BNY (NYSE:BK) by 18,044.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 19,670,202 shares of the bank’s stock after purchasing an additional 19,561,793 shares during the period. BNY makes up approximately 1.1% of Northwestern Mutual Wealth Management Co.’s portfolio, making the stock its 15th biggest holding. Northwestern Mutual Wealth Management Co.’s holdings in BNY were worth $2,283,514,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Phoenix Financial Ltd. acquired a new stake in BNY during the 4th quarter valued at approximately $266,000. Thrivent Financial for Lutherans lifted its position in shares of BNY by 1.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,134,068 shares of the bank’s stock worth $131,654,000 after purchasing an additional 12,147 shares during the period. Arbejdsmarkedets Tillaegspension acquired a new position in shares of BNY in the 4th quarter worth approximately $23,291,000. Pinnacle Associates Ltd. boosted its stake in shares of BNY by 2.9% in the 4th quarter. Pinnacle Associates Ltd. now owns 62,098 shares of the bank’s stock valued at $7,209,000 after purchasing an additional 1,734 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its position in shares of BNY by 38.3% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,224 shares of the bank’s stock worth $1,767,000 after buying an additional 4,216 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at BNY

In other news, EVP Alejandro Perez sold 12,504 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the transaction, the executive vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Shannon Marie Hobbs sold 297 shares of BNY stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the sale, the vice president directly owned 15,206 shares of the company’s stock, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 48,091 shares of company stock valued at $6,568,423 over the last ninety days. Company insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BK. Weiss Ratings raised shares of BNY from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. Evercore set a $136.00 price target on BNY in a report on Friday, April 17th. Citigroup assumed coverage on BNY in a research note on Monday, February 23rd. They issued a “neutral” rating on the stock. Keefe, Bruyette & Woods upped their target price on BNY from $143.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, April 17th. Finally, Barclays raised their target price on BNY from $143.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $138.08.

BNY Trading Down 0.8%

BK opened at $134.89 on Friday. BNY has a 1-year low of $87.41 and a 1-year high of $139.15. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The company has a market cap of $92.84 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 0.99 and a beta of 1.08. The company has a fifty day moving average price of $125.55 and a two-hundred day moving average price of $119.35.

BNY (NYSE:BK) last released its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.14 billion. BNY had a net margin of 14.60% and a return on equity of 15.29%. The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.58 EPS. Analysts predict that BNY will post 8.78 EPS for the current fiscal year.

BNY Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders 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 dividend yield of 1.6%. BNY’s payout ratio is currently 26.27%.

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.