Piper Sandler Has Lowered Expectations for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price target reduced by Piper Sandler from $45.00 to $42.00 in a research report released on Wednesday,Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

Several other research firms have also issued reports on BAC. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. JPMorgan Chase & Co. decreased their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. UBS Group increased their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Evercore ISI cut their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.20.

Bank of America Price Performance

Shares of NYSE:BAC opened at $37.44 on Wednesday. Bank of America has a one year low of $33.07 and a one year high of $48.08. The company’s fifty day moving average price is $41.27 and its 200-day moving average price is $43.59. The firm has a market capitalization of $284.65 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.21 and a beta of 1.24. 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 earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, equities research analysts anticipate that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 30.95%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BAC. Principal Financial Group Inc. lifted its position in Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares in the last quarter. Morse Asset Management Inc purchased a new position in shares of Bank of America in the third quarter worth $306,000. SkyView Investment Advisors LLC lifted its holdings in shares of Bank of America by 4.3% during the third quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock valued at $619,000 after purchasing an additional 645 shares in the last quarter. Tudor Financial Inc. purchased a new stake in shares of Bank of America during the third quarter valued at $645,000. Finally, Eaton Financial Holdings Company LLC purchased a new position in Bank of America in the 3rd quarter worth about $488,000. 70.71% of the stock is owned by hedge funds and other 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.