Cramer's Trust Buys 80 BNY Shares at $153 as 5.5% Drop Hits Financials
Updated
Updated · CNBC · Sep 15
Cramer's Trust Buys 80 BNY Shares at $153 as 5.5% Drop Hits Financials
2 articles · Updated · CNBC · Sep 15
Summary
Jim Cramer's Charitable Trust bought 80 Bank of New York shares at about $153, lifting its stake to 320 shares and raising the position's portfolio weighting to roughly 1.25% from 0.95%.
A 5.5% two-session slide in BNY shares prompted the add-on purchase after Bank of America CEO Brian Moynihan cut expectations for investment-banking and markets revenue, dragging bank stocks lower.
BNY CFO Dermot McDonogh struck a steadier tone, saying third-quarter revenue was slower than the seasonally strong second quarter but still within prior guidance, with capital-markets volumes strengthening in September.
That supports the trust's view that BNY's operating-leverage story remains intact: about 70% of revenue comes from fees, 2026 revenue is seen up 10%-11%, expenses up 6%-7%, and positive operating leverage at 400 basis points.