Evercore ISI Cuts Bank of America (NYSE:BAC) Price Target to $51.00

Bank of America (NYSE:BAC) had its target price lowered by Evercore ISI from $53.00 to $51.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

BAC has been the topic of several other reports. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Piper Sandler increased their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $48.00 to $55.00 in a research report on Monday, December 9th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Down 0.2 %

NYSE BAC opened at $46.54 on Friday. Bank of America has a twelve month low of $31.40 and a twelve month high of $48.08. The stock has a market cap of $357.13 billion, a PE ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The firm has a 50-day simple moving average of $45.79 and a 200 day simple moving average of $42.43. 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 issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. 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 prior year, the company posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% on a year-over-year basis. On average, research analysts forecast that Bank of America will post 3.24 EPS for the current year.

Institutional Investors Weigh In On Bank of America

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Two Sigma Advisers LP increased its position in Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the period. 1832 Asset Management L.P. raised its stake in shares of Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after buying an additional 5,749,567 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares during the period. International Assets Investment Management LLC boosted its stake in Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after acquiring an additional 4,423,215 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Bank of America during the 3rd quarter worth $174,858,000. 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.