Morgan Stanley Cuts BNY (NYSE:BK) Price Target to $135.00

BNY (NYSE:BK) had its price objective lowered by Morgan Stanley from $147.00 to $135.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other equities research analysts have also recently weighed in on the stock. Royal Bank Of Canada upped their price target on shares of BNY from $124.00 to $130.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 14th. Wells Fargo & Company lifted their price objective on shares of BNY from $119.00 to $122.00 and gave the company an “equal weight” rating in a report on Wednesday, January 14th. Truist Financial raised shares of BNY from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $119.00 to $134.00 in a research note on Wednesday, January 7th. TD Cowen increased their target price on BNY from $133.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods lifted their price target on BNY from $132.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $132.67.

BNY Stock Performance

Shares of BNY stock opened at $122.21 on Tuesday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.81. The stock’s fifty day moving average price is $118.44 and its 200-day moving average price is $114.31. The firm has a market cap of $84.11 billion, a P/E ratio of 16.49, a P/E/G ratio of 1.13 and a beta of 1.06. BNY has a 12 month low of $70.46 and a 12 month high of $128.76.

BNY (NYSE:BK) last released its quarterly earnings data on Tuesday, January 13th. The bank reported $2.08 earnings per share for the quarter, topping 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 analyst estimates of $5.11 billion. During the same period in the prior year, the firm earned $1.72 earnings per share. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities research analysts expect that BNY will post 6.96 earnings per share for the current fiscal year.

BNY Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, January 23rd. BNY’s dividend payout ratio (DPR) is 28.61%.

Hedge Funds Weigh In On BNY

Large investors have recently made changes to their positions in the business. Linscomb Wealth Inc. boosted its position in shares of BNY by 2.5% in the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock worth $376,000 after purchasing an additional 80 shares in the last quarter. Ransom Advisory Ltd grew its stake in BNY by 1.3% during the 4th quarter. Ransom Advisory Ltd now owns 6,777 shares of the bank’s stock worth $787,000 after buying an additional 85 shares during the last quarter. Mather Group LLC. increased its position in BNY by 0.9% during the 4th quarter. Mather Group LLC. now owns 9,232 shares of the bank’s stock valued at $1,072,000 after buying an additional 86 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in BNY by 3.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock valued at $326,000 after buying an additional 88 shares during the last quarter. Finally, Essex Financial Services Inc. raised its stake in BNY by 0.5% in the fourth quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock valued at $2,041,000 after buying an additional 89 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

About BNY

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.