Piper Sandler Lowers Bank of America (NYSE:BAC) Price Target to $49.00

Bank of America (NYSE:BAC) had its price target cut by research analysts at Piper Sandler from $50.00 to $49.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective would indicate a potential upside of 5.96% from the company’s previous close.

Several other equities analysts have also commented on BAC. Wells Fargo & Company upped their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Evercore ISI decreased their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday. Oppenheimer lifted their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Truist Financial raised 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 report on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.40 during trading on Friday, reaching $46.25. The stock had a trading volume of 23,879,823 shares, compared to its average volume of 37,186,727. The firm’s 50 day moving average price is $45.72 and its two-hundred day moving average price is $42.34. Bank of America has a one year low of $31.40 and a one year high of $48.08. The stock has a market cap of $354.83 billion, a PE ratio of 16.82, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the business posted $0.70 EPS. The company’s quarterly revenue was up 15.0% on a year-over-year basis. On average, research analysts forecast that Bank of America will post 3.24 earnings per share for the current fiscal year.

Institutional Trading of Bank of America

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Traveka Wealth LLC lifted its stake in shares of Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 226 shares during the last quarter. Longfellow Investment Management Co. LLC boosted its stake in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. lifted its stake in Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after acquiring an additional 231 shares in the last quarter. Gemmer Asset Management LLC boosted its holdings in Bank of America by 1.8% during the fourth quarter. Gemmer Asset Management LLC now owns 13,183 shares of the financial services provider’s stock worth $579,000 after purchasing an additional 235 shares during the last quarter. Finally, Integrity Financial Corp WA grew its position in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares in the last quarter. 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.