Oppenheimer Lowers Bank of America (NYSE:BAC) Price Target to $55.00

Bank of America (NYSE:BAC) had its target price dropped by investment analysts at Oppenheimer from $57.00 to $55.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price suggests a potential upside of 16.21% from the company’s previous close.

A number of other research firms also recently weighed in on BAC. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. UBS Group upped their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. Finally, Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.03.

Bank of America Stock Up 0.7%

Shares of NYSE BAC opened at $47.33 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm’s fifty day moving average is $45.53 and its 200 day moving average is $43.65. The company has a market cap of $356.48 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.28 and a beta of 1.30. Bank of America has a 52 week low of $33.07 and a 52 week high of $49.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 EPS. On average, equities research analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Institutional Investors Weigh In On Bank of America

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Norges Bank purchased a new stake in Bank of America in the 4th quarter worth approximately $5,226,989,000. Capital World Investors increased its holdings in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. 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.