Truist Financial Issues Pessimistic Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective reduced by Truist Financial from $53.00 to $50.00 in a research note published on Friday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. decreased their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.31.

Bank of America Stock Down 7.7 %

BAC opened at $34.37 on Friday. Bank of America has a 1 year low of $33.67 and a 1 year high of $48.08. The firm has a 50 day moving average price of $43.74 and a 200 day moving average price of $43.94. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $261.32 billion, a PE ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 earnings per share. Sell-side analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 3.03%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Hedge Funds Weigh In On Bank of America

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Collier Financial acquired a new position in Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc lifted its stake in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC bought a new stake in Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the fourth quarter valued at $29,000. Finally, Vega Investment Solutions bought a new position in shares of Bank of America during the fourth quarter worth about $30,000. 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.