Bank of America (NYSE:BAC) Given New $50.00 Price Target at Citigroup

Bank of America (NYSE:BAC) had its price objective decreased by Citigroup from $54.00 to $50.00 in a report issued on Monday,Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

BAC has been the topic of several other research reports. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, Barclays increased their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Trading Up 1.5 %

NYSE:BAC opened at $43.09 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America has a 1-year low of $34.15 and a 1-year high of $48.08. The firm has a market capitalization of $327.57 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.21 and a beta of 1.32. The business’s 50-day moving average price is $44.77 and its two-hundred day moving average price is $43.83.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the company posted $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently modified their holdings of BAC. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after purchasing an additional 173,021 shares during the period. OFI Invest Asset Management acquired a new stake in Bank of America during the fourth quarter worth approximately $60,679,000. Arizona State Retirement System increased its stake in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after acquiring an additional 10,377 shares during the period. Keybank National Association OH raised its holdings in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after acquiring an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares during the period. 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.