Royal Bank of Canada Issues Pessimistic Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its target price cut by Royal Bank of Canada from $50.00 to $45.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Other equities research analysts also recently issued reports about the company. Evercore ISI decreased their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. JPMorgan Chase & Co. decreased their price target on 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. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday. 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 given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.20.

Bank of America Price Performance

Shares of NYSE:BAC opened at $37.44 on Wednesday. The business’s 50 day moving average is $41.27 and its 200-day moving average is $43.59. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $284.65 billion, a PE ratio of 11.63, a PEG ratio of 1.21 and a beta of 1.24. 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 results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Sell-side analysts predict that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its holdings in Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after acquiring an additional 569,385 shares in the last quarter. Morse Asset Management Inc bought a new stake in shares of Bank of America in the third quarter valued at about $306,000. SkyView Investment Advisors LLC boosted its position 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 worth $619,000 after buying an additional 645 shares during the period. Tudor Financial Inc. acquired a new stake in Bank of America in the 3rd quarter valued at approximately $645,000. Finally, Eaton Financial Holdings Company LLC bought a new stake in Bank of America in the 3rd quarter valued at approximately $488,000. Institutional investors and hedge funds 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.