Bank of America (NYSE:BAC) Price Target Lowered to $47.00 at Argus

Bank of America (NYSE:BAC) had its price objective cut by research analysts at Argus from $53.00 to $47.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Argus’ price target indicates a potential upside of 25.27% from the stock’s current price.

BAC has been the subject of several other reports. Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday. Royal Bank of Canada decreased their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. UBS Group raised their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Evercore ISI cut their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock 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 assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $47.20.

Bank of America Trading Down 1.2 %

BAC stock traded down $0.47 during midday trading on Wednesday, hitting $37.52. 32,514,323 shares of the company’s stock were exchanged, compared to its average volume of 45,806,082. Bank of America has a one year low of $33.06 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 company has a market cap of $285.26 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The stock’s fifty day moving average price is $41.85 and its 200-day moving average price is $43.66.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $26.83 billion. Research analysts predict that Bank of America will post 3.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BAC. Collier Financial bought a new stake in shares of Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc grew its holdings in Bank of America by 3,883.2% during the 4th 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 period. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $29,000. Finally, Vega Investment Solutions acquired a new stake in Bank of America during the fourth quarter worth approximately $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.