BlackRock New York Municipal Income Trust (BNY) ETF

BlackRock New York Municipal Income Trust (BNY) is a Financials etf trading at $162.06 (as of 2026-09-02), with a market capitalization of $107.54B and a trailing P/E of 17.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

BlackRock New York Municipal Income Trust (BNY) is a closed-end fixed income mutual fund managed by BlackRock Advisors, LLC. The fund invests primarily in investment-grade municipal bonds whose interest is exempt from federal income tax as well as New York State and New York City personal income taxes.

Understand BlackRock New York Municipal Income Trust: how it makes money

BlackRock New York Municipal Income Trust is a closed-end fund investing primarily in investment-grade New York municipal bonds, collecting tax-exempt coupon payments. Its returns pass through to shareholders after fees, meaning the yield curve and NY municipal credit quality drive all distributed income.

The fund collects tax-exempt coupons from a NY municipal bond portfolio, subtracts the management fee, and distributes the remainder; there is no operating leverage, so returns scale linearly with the bond yield curve.

Business quality (Solid): Solid business quality grade, though as a pass-through income vehicle the quality of underlying bonds matters more than any operating moat.

Valuation: At 17× earnings, BNY trades 32% above the Banking average (13×).

Bull case

  • Tax-Exempt Structural Edge: The fund's $5.9B portfolio is concentrated in bonds exempt from federal, NY state, and NYC income taxes, giving NY-resident shareholders an after-tax yield advantage that is structural rather than cyclical. That exemption is the entire value proposition and does not depend on equity markets or credit cycles.

Bear case

  • 32 Percent Valuation Premium: At a P/E of 17.1x versus the Banking industry average of 13x, the fund trades at a 32% premium to sector peers. For a passive income vehicle with no growth optionality, that premium implies the market is paying up for yield that could compress if NY municipal credit spreads widen.
  • Asset Base Shrinking Ten Percent: Quarterly revenue of $5.9B is down 10% year over year, which for a fund whose sole value proposition is income distribution points to either smaller allocated assets or lower portfolio yields. A shrinking income base pressures future per-share distributions.
Valuation — source: SEC EDGAR (first-party)
Price$162.06
Market Cap$107.54B
P/E Ratio17.1
EV / EBITDA14.3
Price / Book2.38
Price / Sales5.62
Dividend Yield1.5%
FCF Yield1.5%
DCF Value (model)$81.92
DCF Upside vs Price-49.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$20.08B
Net Margin27.6%
Return on Equity13.9%
Debt / Equity0.67
Revenue Growth (YoY)-10.0%
EPS Growth (YoY)26.7%
FCF Growth (YoY)7.5%
Valuation vs Sector & Industry
Stock P/E17.1
Sector P/E (Financials)14.9
Industry P/E (Banking)12.7
vs Sector14.4%
vs Industry34.5%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderJupiter Topco LLC ($84.75M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEOCharles Choon Sik Park
CountryUS
IPO Date2001-07-27

Related Companies (Banking; 8 comparable banks)

  • State Street Corporation (STT)
  • Northern Trust Corporation (NTRS)
  • Blackstone Inc. (BX)
  • BlackRock, Inc. (BLK)
  • Ameriprise Financial, Inc. (AMP)
  • Fifth Third Bancorp (FITBI)
  • First Citizens BancShares, Inc. (FCNCA)
  • Citizens Financial Group, Inc. (CFG)
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Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.