Bank of America (NYSE:BAC) Given New $51.00 Price Target at Oppenheimer

Bank of America (NYSE:BAC) had its target price lifted by Oppenheimer from $50.00 to $51.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Other analysts have also issued reports about the company. Barclays decreased their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Piper Sandler cut their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Royal Bank of Canada reduced their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Argus decreased their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Trading Up 0.2 %

Shares of Bank of America stock opened at $39.78 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $302.44 billion, a P/E ratio of 12.35, a P/E/G ratio of 1.21 and a beta of 1.24. Bank of America has a 52-week low of $33.07 and a 52-week high of $48.08. The stock’s 50-day simple moving average is $40.36 and its 200 day simple moving average is $43.59.

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

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.61%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Institutional Investors Weigh In On Bank of America

Institutional investors have recently bought and sold shares of the stock. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc increased its position 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 valued at $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC bought a new position in shares of Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $29,000. Finally, Vega Investment Solutions purchased a new position in Bank of America during the 4th quarter valued at about $30,000. 70.71% of the stock is currently owned by hedge funds and other 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.