Morgan Stanley Issues Pessimistic Forecast for BNY (NYSE:BK) Stock Price

BNY (NYSE:BK) had its price objective lowered 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 firm currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price objective points to a potential upside of 14.29% from the stock’s previous close.

Several other analysts have also issued reports on BK. TD Cowen upped their price objective on BNY from $133.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Citigroup assumed coverage on BNY in a research note on Monday, February 23rd. They issued a “neutral” rating on the stock. New Street Research set a $143.00 price objective on shares of BNY in a report on Wednesday, January 14th. Wells Fargo & Company raised their target price on shares of BNY from $119.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 14th. Finally, Royal Bank Of Canada upped their price target 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 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. According to data from MarketBeat, BNY presently has an average rating of “Moderate Buy” and an average price target of $132.17.

BNY Stock Up 2.6%

Shares of NYSE BK traded up $2.94 during mid-day trading on Tuesday, hitting $118.12. The company had a trading volume of 2,220,947 shares, compared to its average volume of 3,741,896. 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 firm has a 50-day simple moving average of $118.41 and a two-hundred day simple moving average of $114.12. The company has a market capitalization of $81.30 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 1.07 and a beta of 1.10. BNY has a one year low of $70.46 and a one year high of $128.76.

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

Institutional Investors Weigh In On BNY

Several hedge funds have recently modified their holdings of BK. Ashton Thomas Private Wealth LLC increased its position in BNY by 133.2% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank’s stock valued at $9,998,000 after purchasing an additional 52,412 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of BNY by 35.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank’s stock valued at $3,487,000 after purchasing an additional 8,277 shares during the last quarter. Investment Management Corp of Ontario boosted its stake in shares of BNY by 25.9% in the 2nd quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock valued at $11,435,000 after purchasing an additional 25,842 shares during the last quarter. First National Advisers LLC acquired a new stake in shares of BNY during the third quarter worth $3,304,000. Finally, National Pension Service raised its stake in BNY by 3.1% during the third quarter. National Pension Service now owns 2,053,278 shares of the bank’s stock worth $223,725,000 after buying an additional 61,718 shares during the last quarter. Institutional investors and hedge funds 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.