Bank of America (NYSE:BAC) Shares Down 7.4% Following Analyst Downgrade

Bank of America Co. (NYSE:BAC) shares fell 7.4% on Friday after Truist Financial lowered their price target on the stock from $53.00 to $50.00. Truist Financial currently has a buy rating on the stock. Bank of America traded as low as $33.67 and last traded at $34.46. 34,012,220 shares were traded during mid-day trading, a decline of 9% from the average session volume of 37,531,304 shares. The stock had previously closed at $37.22.

A number of other analysts have also recently issued reports on the company. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Evercore ISI cut their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday. Piper Sandler reduced their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently bought and sold shares of the business. Lederer & Associates Investment Counsel CA boosted its holdings in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after buying an additional 217 shares during the period. Avalon Trust Co lifted its position in Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 219 shares during the last quarter. Prossimo Advisors LLC boosted its holdings in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares during the period. Marino Stram & Associates LLC grew its position in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management increased its stake in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 223 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 7.7 %

The firm has a 50-day moving average of $43.74 and a two-hundred day moving average of $43.88. The firm has a market cap of $261.32 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32. 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 issued 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. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 EPS. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

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.