A PaineWebber Group analyst reduced his rating Wednesday on the stock of Bankers Trust New York Corp., squelching a mini-rally ignited by the bank's announcement of a dividend increase.

Lawrence Cohn revised his investment opinion on Bankers Trust to unattractive," from "hold." Mr. Cohn was said to be pessimistic about the banking company's prospects in 1994 because of an expected decline in trading profits.

He estimated that Bankers Trust would earn $11.95 a share in 1993 and $9.60 a share next year. That compares with the $8.82 a share the bank earned in 1992.

Swings in Market Action

Early Wednesday, Bankers Trust disclosed that it had raised its quarterly payout by 15.4%, to 90 cents a share, from 78 cents a share, payable Jan. 25 to shareholders of record Jan. 6. The announcement spurred a brief runup in the bank's stock price.

Bankers Trust ended the day, however, at $79.375 a share, down 37.5 cents, on volume of 157,900 shares, compared with average daily volume of 231,900 shares.

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