Bank of America (NYSE:BAC) PT Lowered to $45.00

Bank of America (NYSE:BAC) had its price objective reduced by Oppenheimer from $46.00 to $45.00 in a research note published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also recently commented on BAC. Evercore ISI lifted their target price on Bank of America from $37.00 to $41.00 and gave the stock an outperform rating in a report on Thursday, April 4th. Citigroup lifted their target price on Bank of America from $37.00 to $39.00 and gave the stock a neutral rating in a report on Wednesday, March 20th. Wells Fargo & Company lifted their target price on Bank of America from $40.00 to $44.00 and gave the stock an overweight rating in a report on Thursday, March 28th. UBS Group reiterated a neutral rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Odeon Capital Group cut Bank of America from a buy rating to a hold rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $38.23.

Bank of America Stock Performance

NYSE:BAC opened at $35.22 on Wednesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.80. Bank of America has a 1 year low of $24.96 and a 1 year high of $38.35. The stock’s 50 day simple moving average is $35.55 and its two-hundred day simple moving average is $32.21. The company has a market cap of $277.87 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 1.58 and a beta of 1.39.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. As a group, equities analysts anticipate that Bank of America will post 3.13 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Investors Weigh In On Bank of America

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Rossmore Private Capital raised its position in Bank of America by 1.2% during the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares in the last quarter. Fort Sheridan Advisors LLC raised its position in Bank of America by 0.8% during the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after purchasing an additional 303 shares in the last quarter. Chemistry Wealth Management LLC raised its position in Bank of America by 0.3% during the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after purchasing an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC raised its position in Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares in the last quarter. Finally, Kennedy Investment Group raised its position in Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

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.