Truist Financial Has Lowered Expectations for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its target price reduced by investment analysts at Truist Financial from $53.00 to $50.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective suggests a potential upside of 45.47% from the stock’s previous close.

BAC has been the subject of a number of other reports. Citigroup decreased their price objective 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. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. JPMorgan Chase & Co. lowered their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Stock Down 7.7 %

Shares of Bank of America stock opened at $34.37 on Friday. The firm has a market cap of $261.32 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32. The stock has a 50-day simple moving average of $43.74 and a 200-day simple moving average of $43.91. Bank of America has a 52-week low of $33.67 and a 52-week 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 posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the company earned $0.70 earnings per share. The company’s revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

Institutional Trading of Bank of America

A number of institutional investors and hedge funds have recently modified their holdings of BAC. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management bought a new stake in Bank of America in the fourth quarter valued at about $60,679,000. Arizona State Retirement System increased its stake in Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after acquiring an additional 10,377 shares during the period. Keybank National Association OH raised its position in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares during the period. 70.71% of the stock is currently owned by institutional investors.

About Bank of America

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.