BNY (NYSE:BK) Price Target Cut to $135.00 by Analysts at Morgan Stanley

BNY (NYSE:BK) had its price objective cut by analysts at Morgan Stanley from $147.00 to $135.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price target suggests a potential upside of 14.29% from the stock’s previous close.

A number of other research firms also recently weighed in on BK. Barclays increased their target price on shares of BNY from $120.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Keefe, Bruyette & Woods lifted their price objective on BNY from $132.00 to $143.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. Truist Financial raised shares of BNY from a “hold” rating to a “buy” rating and upped their price objective for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. 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 research note on Wednesday, January 14th. Finally, New Street Research set a $143.00 price objective on BNY in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, BNY has an average rating of “Moderate Buy” and an average price target of $132.17.

BNY Stock Up 2.6%

BK traded up $2.94 during midday trading on Tuesday, reaching $118.12. 2,220,947 shares of the company were exchanged, compared to its average volume of 3,741,896. The company has a market cap of $81.30 billion, a price-to-earnings ratio of 15.95, a price-to-earnings-growth ratio of 1.07 and a beta of 1.10. The company’s fifty day moving average price is $118.41 and its 200 day moving average price is $114.12. BNY has a one year low of $70.46 and a one year high of $128.76. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 0.71.

BNY (NYSE:BK) last issued its quarterly earnings data on Tuesday, January 13th. The bank reported $2.08 earnings per share (EPS) 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 business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.11 billion. During the same period in the prior year, the firm posted $1.72 EPS. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, analysts expect that BNY will post 6.96 EPS for the current year.

Institutional Trading of BNY

Institutional investors and hedge funds have recently made changes to their positions in the stock. Revolve Wealth Partners LLC purchased a new stake in BNY during the 4th quarter valued at about $220,000. Sivia Capital Partners LLC boosted its stake in shares of BNY by 36.6% during the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock valued at $309,000 after purchasing an additional 909 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of BNY by 0.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 104,969 shares of the bank’s stock worth $9,564,000 after purchasing an additional 932 shares during the last quarter. Level Four Advisory Services LLC bought a new position in shares of BNY in the second quarter worth approximately $240,000. Finally, Fisher Asset Management LLC increased its stake in shares of BNY by 13.4% in the second quarter. Fisher Asset Management LLC now owns 6,843 shares of the bank’s stock worth $624,000 after buying an additional 806 shares during the period. 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.