Oppenheimer Equities Analysts Cut Earnings Estimates for Bank of America Co. (NYSE:BAC)

Bank of America Co. (NYSE:BAC – Get Rating) – Equities researchers at Oppenheimer decreased their Q1 2023 EPS estimates for shares of Bank of America in a research report issued to clients and investors on Monday, January 16th. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will earn $0.90 per share for the quarter, down from their prior estimate of $0.96. Oppenheimer has a “Outperform” rating and a $50.00 price objective on the stock. The consensus estimate for Bank of America’s current full-year earnings is $3.58 per share. Oppenheimer also issued estimates for Bank of America’s Q2 2023 earnings at $0.92 EPS and Q3 2023 earnings at $0.99 EPS.

Bank of America (NYSE:BAC – Get Rating) last announced its quarterly earnings data on Friday, January 13th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. The company had revenue of $24.50 billion during the quarter, compared to the consensus estimate of $24.17 billion. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. Bank of America’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.82 EPS.

Other equities analysts have also recently issued reports about the stock. Citigroup upped their price target on shares of Bank of America from $36.00 to $38.00 in a research note on Tuesday. Piper Sandler cut shares of Bank of America from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $36.00 to $33.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft cut shares of Bank of America from a “buy” rating to a “hold” rating and lowered their price target for the stock from $45.00 to $36.00 in a research note on Friday, January 6th. Morgan Stanley lowered their price target on shares of Bank of America from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 15th. Finally, StockNews.com started coverage on shares of Bank of America in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $40.75.

Bank of America Stock Performance

NYSE:BAC opened at $33.85 on Thursday. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 1.13. Bank of America has a fifty-two week low of $29.31 and a fifty-two week high of $50.11. The stock has a market cap of $271.56 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 1.40 and a beta of 1.39. The firm’s fifty day simple moving average is $34.46 and its 200-day simple moving average is $33.98.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 4 shares of the company’s stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $23,750.00, for a total value of $95,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Price T Rowe Associates Inc. MD lifted its holdings in Bank of America by 60.0% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 103,645,596 shares of the financial services provider’s stock valued at $3,130,177,000 after purchasing an additional 38,870,780 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Bank of America by 1,356.6% during the 3rd quarter. Fisher Asset Management LLC now owns 20,390,322 shares of the financial services provider’s stock worth $615,788,000 after acquiring an additional 18,990,473 shares during the period. Snider Financial Group lifted its holdings in shares of Bank of America by 9,477.3% during the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after acquiring an additional 14,297,496 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Bank of America by 3,474.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after acquiring an additional 11,332,721 shares during the period. Finally, Capital Research Global Investors purchased a new position in shares of Bank of America during the 1st quarter worth about $395,481,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Company Profile

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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, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.