JPMorgan Chase & Co. Issues Pessimistic Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its target price reduced by JPMorgan Chase & Co. from $49.50 to $43.50 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 26.56% from the company’s previous close.

A number of other equities analysts have also issued reports on the company. Oppenheimer raised their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note 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. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Finally, Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.31.

Bank of America Stock Performance

Shares of BAC stock opened at $34.37 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $261.32 billion, a PE ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32. Bank of America has a 12-month low of $33.67 and a 12-month high of $48.08. The business’s fifty day simple moving average is $43.74 and its 200-day simple moving average is $43.88.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. Analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of America

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Moody National Bank Trust Division raised its stake in Bank of America by 1.0% in the 1st quarter. Moody National Bank Trust Division now owns 92,879 shares of the financial services provider’s stock valued at $3,876,000 after purchasing an additional 925 shares during the last quarter. Legacy Private Trust Co. raised its position in shares of Bank of America by 6.5% in the first quarter. Legacy Private Trust Co. now owns 128,166 shares of the financial services provider’s stock valued at $5,348,000 after buying an additional 7,819 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Bank of America by 46.7% in the first quarter. Versant Capital Management Inc now owns 18,243 shares of the financial services provider’s stock worth $761,000 after buying an additional 5,807 shares in the last quarter. Hobart Private Capital LLC acquired a new position in Bank of America during the first quarter worth about $207,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in Bank of America by 1.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 704,029 shares of the financial services provider’s stock valued at $29,379,000 after acquiring an additional 10,205 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.