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

Bank of America (NYSE:BAC) had its price target cut by Piper Sandler from $50.00 to $49.00 in a research note released on Friday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other research firms have also recently issued reports on BAC. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Wells Fargo & Company increased 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. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 0.2 %

Shares of Bank of America stock opened at $46.54 on Friday. Bank of America has a 1-year low of $31.40 and a 1-year high of $48.08. The business’s fifty day moving average price is $45.79 and its two-hundred day moving average price is $42.43. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 earnings per share. As a group, research analysts forecast that Bank of America will post 3.24 EPS for the current year.

Institutional Trading of Bank of America

Several institutional investors have recently made changes to their positions in BAC. Cerro Pacific Wealth Advisors LLC boosted its position in Bank of America by 4.8% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 16,344 shares of the financial services provider’s stock valued at $718,000 after buying an additional 753 shares in the last quarter. Red Door Wealth Management LLC increased its position in Bank of America by 6.5% in the fourth quarter. Red Door Wealth Management LLC now owns 178,231 shares of the financial services provider’s stock worth $7,833,000 after purchasing an additional 10,800 shares during the period. Goldstein Advisors LLC lifted its holdings in Bank of America by 13.3% in the fourth quarter. Goldstein Advisors LLC now owns 7,515 shares of the financial services provider’s stock valued at $330,000 after buying an additional 885 shares during the period. Market Street Wealth Management Advisors LLC bought a new position in shares of Bank of America in the 4th quarter worth $255,000. Finally, Endeavor Private Wealth Inc. bought a new position in Bank of America during the fourth quarter worth about $131,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.