Bank of America (NYSE:BAC) Price Target Cut to $48.00 by Analysts at Evercore ISI

Bank of America (NYSE:BAC) had its price objective cut by Evercore ISI from $51.00 to $48.00 in a report released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other analysts have also weighed in on the company. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Price Performance

BAC stock opened at $41.49 on Tuesday. The stock has a market cap of $315.42 billion, a PE ratio of 12.88, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America has a 12 month low of $34.15 and a 12 month high of $48.08. The company has a 50-day moving average price of $44.25 and a 200 day moving average price of $43.97. 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 (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities research analysts anticipate that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.51%. Bank of America’s dividend payout ratio is presently 32.30%.

Institutional Investors Weigh In On Bank of America

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its position in Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares in the last quarter. Edgestream Partners L.P. lifted its stake in shares of Bank of America by 221.3% in the 3rd quarter. Edgestream Partners L.P. now owns 20,734 shares of the financial services provider’s stock valued at $823,000 after purchasing an additional 14,281 shares during the period. Benjamin Edwards Inc. lifted its stake in shares of Bank of America by 3,007.7% in the 3rd quarter. Benjamin Edwards Inc. now owns 108,148 shares of the financial services provider’s stock valued at $4,291,000 after purchasing an additional 104,668 shares during the period. Beacon Investment Advisory Services Inc. boosted its holdings in Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after buying an additional 231 shares in the last quarter. Finally, Hilltop Holdings Inc. grew its position in Bank of America by 41.8% during the third quarter. Hilltop Holdings Inc. now owns 49,813 shares of the financial services provider’s stock valued at $1,977,000 after buying an additional 14,674 shares during the period. 70.71% of the stock is 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.