JPMorgan Chase & Co. Cuts Bank of America (NYSE:BAC) Price Target to $43.50

Bank of America (NYSE:BAC) had its price target cut by research analysts at JPMorgan Chase & Co. from $49.50 to $43.50 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 3.89% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Morgan Stanley upped their price target 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. Finally, Citigroup lowered their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Trading Up 0.9 %

BAC opened at $41.87 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America has a one year low of $34.15 and a one year high of $48.08. The company has a market cap of $318.33 billion, a P/E ratio of 13.00, a PEG ratio of 1.21 and a beta of 1.32. The business’s 50-day simple moving average is $44.17 and its 200-day simple moving average is $43.96.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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 net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 earnings per share. As a group, equities research analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of America

Several institutional investors have recently modified their holdings of BAC. Geode Capital Management LLC boosted its position in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of America in the 4th quarter worth about $5,226,989,000. Capital World Investors grew its stake in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares in 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.