Bank of America (NYSE:BAC) Price Target Cut to $48.00 by Analysts at Evercore ISI

Bank of America (NYSE:BAC) had its price target decreased by Evercore ISI from $51.00 to $48.00 in a report released on Tuesday,Benzinga reports. Evercore ISI currently has an outperform rating on the financial services provider’s stock.

Several other analysts have also recently commented on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Truist Financial upped their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Finally, Oppenheimer lifted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Price Performance

Shares of NYSE BAC opened at $41.49 on Tuesday. 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 firm has a fifty day moving average of $44.25 and a 200 day moving average of $43.97. The firm has a market cap of $315.42 billion, a PE ratio of 12.88, a PEG ratio of 1.21 and a beta of 1.32. Bank of America has a one year low of $34.15 and a one year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company posted $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, research analysts predict that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. Bank of America’s dividend payout ratio is currently 32.30%.

Institutional Trading of Bank of America

Several institutional investors have recently added to or reduced their stakes in the stock. Hobart Private Capital LLC purchased a new position in shares of Bank of America during the first quarter worth $207,000. MassMutual Private Wealth & Trust FSB lifted its stake in Bank of America by 1.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 704,029 shares of the financial services provider’s stock worth $29,379,000 after acquiring an additional 10,205 shares in the last quarter. Fire Capital Management LLC purchased a new position in Bank of America during the 4th quarter valued at about $377,000. Mascagni Wealth Management Inc. acquired a new position in Bank of America in the 4th quarter valued at about $40,000. Finally, DSG Capital Advisors LLC acquired a new position in Bank of America in the 4th quarter valued at about $6,753,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Company Profile

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.