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Bank of America (NYSE:BAC) had its price target reduced by analysts at Evercore ISI from $36.00 to $35.00 in a research note issued on Friday, The Fly reports. Evercore ISI’s price target points to a potential upside of 27.78% from the company’s current price.
BAC has been the subject of a number of other reports. Barclays decreased their target price on Bank of America from $48.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, April 12th. Citigroup cut their target price on shares of Bank of America from $38.00 to $33.00 and set a “neutral” rating for the company in a research report on Wednesday, April 19th. JPMorgan Chase & Co. lowered their price target on shares of Bank of America from $38.00 to $34.00 and set an “overweight” rating on the stock in a research report on Monday, April 10th. The Goldman Sachs Group cut their price objective on shares of Bank of America from $39.00 to $35.00 and set a “buy” rating for the company in a report on Monday, April 3rd. Finally, Keefe, Bruyette & Woods raised their price target on Bank of America from $28.00 to $29.00 and gave the stock an “underperform” rating in a report on Wednesday, April 19th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $36.77.
Bank of America Stock Performance
Shares of Bank of America stock opened at $27.39 on Friday. The firm has a market capitalization of $218.28 billion, a P/E ratio of 8.23, a price-to-earnings-growth ratio of 1.16 and a beta of 1.36. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.13. The business’s fifty day simple moving average is $28.93 and its 200 day simple moving average is $32.90. Bank of America has a 12 month low of $26.32 and a 12 month high of $38.60.
Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.11. The company had revenue of $26.26 billion during the quarter, compared to analyst estimates of $25.28 billion. Bank of America had a net margin of 21.85% and a return on equity of 11.72%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.80 earnings per share. As a group, analysts anticipate that Bank of America will post 3.41 EPS for the current year.
Insider Transactions at Bank of America
In related news, insider Matthew M. Koder sold 105,054 shares of Bank of America stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total value of $3,600,200.58. Following the transaction, the insider now owns 319,803 shares in the company, valued at approximately $10,959,648.81. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.27% of the company’s stock.
Hedge Funds Weigh In On Bank of America
Institutional investors and hedge funds have recently bought and sold shares of the stock. Altrius Capital Management Inc grew its holdings in Bank of America by 0.3% in the 4th quarter. Altrius Capital Management Inc now owns 92,587 shares of the financial services provider’s stock worth $3,066,000 after acquiring an additional 279 shares during the last quarter. Vision Capital Management Inc. raised its stake in Bank of America by 0.5% in the fourth quarter. Vision Capital Management Inc. now owns 60,662 shares of the financial services provider’s stock worth $2,009,000 after buying an additional 288 shares in the last quarter. Leisure Capital Management lifted its holdings in Bank of America by 1.5% in the third quarter. Leisure Capital Management now owns 20,055 shares of the financial services provider’s stock worth $606,000 after buying an additional 292 shares during the period. Hemington Wealth Management boosted its position in Bank of America by 2.2% during the 4th quarter. Hemington Wealth Management now owns 14,010 shares of the financial services provider’s stock valued at $464,000 after acquiring an additional 298 shares in the last quarter. Finally, Lowe Brockenbrough & Co. Inc. raised its position in shares of Bank of America by 1.1% in the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 26,888 shares of the financial services provider’s stock worth $812,000 after acquiring an additional 300 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors.
About Bank of America
(Get Rating)
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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