Royal Bank of Canada Cuts Bank of America (NYSE:BAC) Price Target to $45.00

Bank of America (NYSE:BAC) had its target price reduced by Royal Bank of Canada from $50.00 to $45.00 in a research report report published on Wednesday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

BAC has been the subject of a number of other research reports. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Cfra Research lifted their target price on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday. Keefe, Bruyette & Woods reduced their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Piper Sandler cut their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $47.20.

Bank of America Stock Performance

Shares of BAC opened at $37.44 on Wednesday. Bank of America has a 12-month low of $33.07 and a 12-month high of $48.08. The stock has a market capitalization of $284.65 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.21 and a beta of 1.24. The firm’s 50 day moving average is $41.27 and its 200-day moving average is $43.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities research analysts anticipate that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Institutional Investors Weigh In On Bank of America

A number of large investors have recently added to or reduced their stakes in the stock. Collier Financial acquired a new position in Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc increased its stake in shares of 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 worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC bought a new stake in Bank of America during the 4th quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $29,000. Finally, Vega Investment Solutions acquired a new position in shares of Bank of America during the fourth quarter worth approximately $30,000. 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.