Bank of America (NYSE:BAC) Given New $45.00 Price Target at Oppenheimer

Bank of America (NYSE:BAC) had its target price cut by Oppenheimer from $46.00 to $45.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Other research analysts have also issued research reports about the company. Wells Fargo & Company upped their price target on Bank of America from $40.00 to $44.00 and gave the company an overweight rating in a research report on Thursday, March 28th. BMO Capital Markets decreased their target price on Bank of America from $37.00 to $36.00 and set a market perform rating for the company in a report on Tuesday, January 16th. HSBC reiterated a hold rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Erste Group Bank upgraded shares of Bank of America from a hold rating to a buy rating in a report on Wednesday, April 3rd. Finally, Barclays lifted their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an overweight rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of Hold and a consensus price target of $38.53.

Bank of America Stock Up 3.4 %

Shares of Bank of America stock opened at $36.97 on Wednesday. The company’s 50 day moving average price is $35.68 and its 200-day moving average price is $32.31. Bank of America has a 52-week low of $24.96 and a 52-week high of $38.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79. The stock has a market capitalization of $291.72 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.61 and a beta of 1.39.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 EPS. Equities research analysts forecast that Bank of America will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. Bank of America’s payout ratio is currently 33.22%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Roundview Capital LLC raised its position in shares of Bank of America by 1.5% in the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after purchasing an additional 2,013 shares during the last quarter. Loomis Sayles & Co. L P raised its holdings in Bank of America by 150.3% in the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after buying an additional 1,192 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Bank of America by 4.2% in the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after buying an additional 16,319 shares in the last quarter. First Western Trust Bank bought a new position in shares of Bank of America in the first quarter worth approximately $586,000. Finally, Pearl River Capital LLC purchased a new stake in shares of Bank of America during the first quarter valued at approximately $534,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.