Piper Sandler Lowers Bank of America (NYSE:BAC) Price Target to $27.50

Bank of America (NYSE:BAC) had its target price dropped by analysts at Piper Sandler from $28.00 to $27.50 in a research report issued on Friday, Marketbeat reports. The firm presently has an “underweight” rating on the financial services provider’s stock. Piper Sandler’s target price would indicate a potential downside of 4.65% from the company’s previous close.

BAC has been the subject of a number of other research reports. Wells Fargo & Company dropped their price objective on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, August 23rd. StockNews.com began coverage on Bank of America in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $35.00 target price on shares of Bank of America in a research note on Tuesday, September 12th. Oppenheimer reduced their price target on Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a research report on Friday, August 18th. Finally, BMO Capital Markets lowered their price objective on Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $35.98.

Bank of America Stock Down 1.2 %

Shares of NYSE BAC opened at $28.84 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.12. The business’s 50 day moving average is $29.98 and its two-hundred day moving average is $29.25. Bank of America has a 52-week low of $26.32 and a 52-week high of $38.60. The firm has a market cap of $229.17 billion, a price-to-earnings ratio of 8.29, a PEG ratio of 1.22 and a beta of 1.37.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.04. The firm had revenue of $25.20 billion for the quarter, compared to analyst estimates of $24.98 billion. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. Bank of America’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.73 EPS. Research analysts predict that Bank of America will post 3.41 EPS for the current year.

Insiders Place Their Bets

In related news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the completion of the sale, the insider now owns 185,108 shares in the company, valued at approximately $5,836,455.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Bank of America news, insider Dean C. Athanasia sold 77,806 shares of Bank of America stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total value of $2,449,332.88. Following the transaction, the insider now directly owns 353,971 shares in the company, valued at approximately $11,143,007.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total value of $2,364,750.00. Following the sale, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently bought and sold shares of the company. Berkshire Hathaway Inc lifted its position in Bank of America by 2.3% in the first quarter. Berkshire Hathaway Inc now owns 1,032,852,006 shares of the financial services provider’s stock valued at $29,539,567,000 after purchasing an additional 22,751,400 shares during the period. Moneta Group Investment Advisors LLC boosted its stake in shares of Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after buying an additional 192,989,515 shares in the last quarter. Geode Capital Management LLC grew its holdings in Bank of America by 1.4% during the second quarter. Geode Capital Management LLC now owns 127,236,515 shares of the financial services provider’s stock worth $3,640,452,000 after acquiring an additional 1,768,938 shares during the period. Price T Rowe Associates Inc. MD raised its position in Bank of America by 22.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 127,177,786 shares of the financial services provider’s stock worth $4,212,128,000 after acquiring an additional 23,532,190 shares in the last quarter. Finally, Norges Bank acquired a new stake in Bank of America in the fourth quarter valued at $3,436,543,000. 68.06% of the stock is 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. 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.