Bank of America (NYSE:BAC) Price Target Cut to $43.50 by Analysts at JPMorgan Chase & Co.

Bank of America (NYSE:BAC) had its price target cut by equities researchers at JPMorgan Chase & Co. from $49.50 to $43.50 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 26.56% from the company’s previous close.

BAC has been the topic of a number of other research reports. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Evercore ISI lowered their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday. Oppenheimer boosted their price target 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. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $48.31.

Bank of America Stock Performance

NYSE:BAC opened at $34.37 on Thursday. The company’s 50-day moving average is $43.74 and its two-hundred day moving average is $43.88. Bank of America has a 1-year low of $33.67 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32.

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

Hedge Funds Weigh In On Bank of America

Several hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management acquired a new position in shares of Bank of America in the 4th quarter valued at $60,679,000. Arizona State Retirement System raised its position in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH boosted its stake in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. Hedge funds and other institutional investors 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.