Bank of America (NYSE:BAC) Price Target Cut to $50.00 by Analysts at Truist Financial

Bank of America (NYSE:BAC) had its target price cut by Truist Financial from $53.00 to $50.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on the stock. Oppenheimer increased 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. Piper Sandler lowered their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Evercore ISI reduced their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Morgan Stanley upped their price target on 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. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Stock Down 7.7 %

BAC opened at $34.37 on Friday. Bank of America has a one year low of $33.67 and a one year 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 stock has a market capitalization of $261.32 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The business’s 50-day simple moving average is $43.74 and its 200-day simple moving average is $43.88.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 3.03%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Institutional Trading of Bank of America

Large investors have recently modified their holdings of the business. Collier Financial purchased a new stake in Bank of America in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc boosted its stake in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC purchased a new stake in Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the 4th quarter valued at about $29,000. Finally, Vega Investment Solutions purchased a new position in Bank of America in the 4th quarter valued at about $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.