Piper Sandler Cuts Bank of America (NYSE:BAC) Price Target to $42.00

Bank of America (NYSE:BAC) had its target price decreased by Piper Sandler from $45.00 to $42.00 in a research report report published on Wednesday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

BAC has been the topic of a number of other research reports. UBS Group raised their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.20.

Bank of America Price Performance

Bank of America stock opened at $37.44 on Wednesday. The stock has a fifty day moving average of $41.27 and a 200-day moving average of $43.59. The stock has a market capitalization of $284.65 billion, a P/E ratio of 11.63, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, sell-side analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. Bank of America’s payout ratio is presently 30.95%.

Hedge Funds Weigh In On Bank of America

A number of institutional investors and hedge funds have recently made changes to their positions in BAC. Lederer & Associates Investment Counsel CA raised its position in shares of Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the period. Avalon Trust Co boosted its holdings in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares during the last quarter. Prossimo Advisors LLC grew its position in shares of Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares during the period. Marino Stram & Associates LLC increased its position in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after buying an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management increased its holdings in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

About Bank of America

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.