Bank of America (NYSE:BAC) PT Lowered to $50.00 at Oppenheimer

Bank of America (NYSE:BAC) had its target price reduced by equities researchers at Oppenheimer from $52.00 to $50.00 in a note issued to investors on Tuesday, The Fly reports. Oppenheimer’s target price would suggest a potential upside of 38.35% from the stock’s current price.

BAC has been the subject of a number of other reports. Robert W. Baird upgraded shares of Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 price objective for the company in a research report on Tuesday, March 8th. StockNews.com initiated coverage on shares of Bank of America in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Societe Generale lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Wednesday, January 5th. They noted that the move was a valuation call. BMO Capital Markets cut their price objective on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating for the company in a research report on Tuesday, April 19th. Finally, Argus raised their price objective on shares of Bank of America from $50.00 to $55.00 in a research report on Thursday, January 20th. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Buy” and a consensus target price of $50.41.

Shares of NYSE:BAC opened at $36.14 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $291.46 billion, a PE ratio of 10.33, a P/E/G ratio of 1.55 and a beta of 1.39. Bank of America has a twelve month low of $35.40 and a twelve month high of $50.11. The company has a 50-day moving average price of $40.69 and a two-hundred day moving average price of $44.39.

Bank of America (NYSE:BAC – Get Rating) last issued its earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. The firm had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.09 billion. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the business earned $0.86 earnings per share. Analysts anticipate that Bank of America will post 3.28 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of BAC. Norges Bank purchased a new position in shares of Bank of America during the fourth quarter worth approximately $3,938,246,000. Altshuler Shaham Ltd raised its stake in shares of Bank of America by 800,016.5% during the third quarter. Altshuler Shaham Ltd now owns 7,729,125 shares of the financial services provider’s stock worth $329,838,000 after acquiring an additional 7,728,159 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Bank of America during the fourth quarter worth approximately $234,465,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Bank of America in the fourth quarter worth $139,410,000. Finally, Nisa Investment Advisors LLC purchased a new position in shares of Bank of America in the first quarter worth $106,003,000. 70.46% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Company Profile (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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