Bank of America (NYSE:BAC) Price Target Lowered to $52.00 at Keefe, Bruyette & Woods

Bank of America (NYSE:BAC) had its target price cut by equities research analysts at Keefe, Bruyette & Woods from $55.00 to $52.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 38.89% from the stock’s current price.

A number of other brokerages have also recently issued reports on BAC. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Piper Sandler reduced their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Oppenheimer lifted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Evercore ISI dropped their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.20.

Bank of America Stock Performance

Shares of NYSE BAC opened at $37.44 on Wednesday. The stock has a market cap of $284.65 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 1.21 and a beta of 1.24. The stock’s 50-day moving average is $41.46 and its 200 day moving average is $43.60. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, sell-side analysts anticipate that Bank of America will post 3.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of America

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