Bank of America (NYSE:BAC) Price Target Cut to $46.00

Bank of America (NYSE:BAC) had its price objective reduced by Oppenheimer from $50.00 to $46.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price target would suggest a potential upside of 25.17% from the stock’s current price.

BAC has been the topic of several other research reports. BMO Capital Markets decreased their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a report on Tuesday, January 16th. The Goldman Sachs Group raised their price target on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research note on Tuesday, January 16th. Finally, Barclays raised their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.65.

Get Our Latest Research Report on BAC

Bank of America Stock Performance

Bank of America stock opened at $36.75 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a fifty day moving average price of $33.93 and a two-hundred day moving average price of $30.96. Bank of America has a 52-week low of $24.96 and a 52-week high of $36.88. The firm has a market capitalization of $289.98 billion, a P/E ratio of 11.97, a P/E/G ratio of 1.63 and a beta of 1.38.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.85 earnings per share. As a group, analysts anticipate that Bank of America will post 3.15 EPS for the current fiscal year.

Insider Transactions at Bank of America

In other news, major shareholder Of America Corp /De/ Bank purchased 5,398 shares of Bank of America stock in a transaction that occurred on Wednesday, December 27th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $57,002.88. Following the purchase, the insider now directly owns 5,398 shares of the company’s stock, valued at approximately $57,002.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of America

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter worth $25,000. Quarry LP acquired a new position in shares of Bank of America during the 4th quarter worth $25,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares in the last quarter. Castleview Partners LLC acquired a new position in shares of Bank of America during the 1st quarter worth $28,000. Finally, Criterion Capital Advisors LLC acquired a new position in shares of Bank of America during the 4th quarter worth $32,000. 68.06% of the stock is owned by institutional investors and hedge funds.

About Bank of America

(Get Free Report)

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.

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