Bank of America (NYSE:BAC) Price Target Cut to $54.00 by Analysts at Barclays

Bank of America (NYSE:BAC) had its price objective reduced by analysts at Barclays from $58.00 to $54.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price would suggest a potential upside of 44.23% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup dropped 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. Finally, Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.20.

Bank of America Trading Up 0.3 %

Shares of NYSE BAC opened at $37.44 on Wednesday. Bank of America has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap 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 business’s 50 day moving average price is $41.46 and its 200-day moving average price is $43.60.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for 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, sell-side analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Institutional Trading of Bank of America

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

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.