JPMorgan Chase & Co. Cuts Bank of America (NYSE:BAC) Price Target to $43.50

Bank of America (NYSE:BAC) had its price objective decreased by JPMorgan Chase & Co. from $49.50 to $43.50 in a report issued on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

Several other research firms have also issued reports on BAC. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Finally, Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Trading Down 7.7 %

NYSE BAC opened at $34.37 on Thursday. The company’s fifty day moving average price is $43.74 and its two-hundred day moving average price is $43.91. The company has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America has a 12 month low of $33.67 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the company posted $0.70 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, research analysts predict that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 3.03%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Institutional Investors Weigh In On Bank of America

Several hedge funds have recently modified their holdings of BAC. Collier Financial purchased a new position in Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc grew its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in Bank of America during the fourth quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in Bank of America in the 4th quarter worth about $29,000. Finally, Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter worth about $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.