Bank of America (NYSE:BAC) Price Target Lowered to $49.00 at Piper Sandler

Bank of America (NYSE:BAC) had its target price lowered by investment analysts at Piper Sandler from $50.00 to $49.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 5.96% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Oppenheimer increased their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday. Evercore ISI dropped their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday. Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley lowered shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $48.00 to $55.00 in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Down 0.8 %

Shares of BAC traded down $0.40 during mid-day trading on Friday, reaching $46.25. The company’s stock had a trading volume of 23,879,823 shares, compared to its average volume of 37,186,727. Bank of America has a 52 week low of $31.40 and a 52 week high of $48.08. The stock has a market cap of $354.83 billion, a PE ratio of 16.82, a P/E/G ratio of 1.23 and a beta of 1.33. The company’s fifty day moving average price is $45.72 and its two-hundred day moving average price is $42.34. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 EPS. On average, analysts predict that Bank of America will post 3.24 earnings per share for the current fiscal year.

Institutional Trading of Bank of America

A number of institutional investors have recently added to or reduced their stakes in BAC. Kennebec Savings Bank purchased a new position in shares of Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC lifted its stake in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc boosted its holdings in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the third quarter valued at $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.