Oppenheimer Trims Bank of America (NYSE:BAC) Target Price 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 issued to investors on Wednesday, Benzinga reports. Oppenheimer currently has an outperform rating on the financial services provider’s stock.

BAC has been the subject of a number of other research reports. Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a neutral rating in a research report on Wednesday, March 20th. UBS Group reissued a neutral rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. BMO Capital Markets decreased their price target on Bank of America from $37.00 to $36.00 and set a market perform rating for the company in a report on Tuesday, January 16th. Erste Group Bank raised Bank of America from a hold rating to a buy rating in a research note on Wednesday, April 3rd. Finally, Evercore ISI raised their target price on Bank of America from $37.00 to $41.00 and gave the stock an outperform rating in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $38.53.

Bank of America Price Performance

BAC stock opened at $36.97 on Wednesday. The company has a market capitalization of $291.72 billion, a P/E ratio of 12.79, a PEG ratio of 1.61 and a beta of 1.39. The company has a fifty day moving average price of $35.68 and a 200-day moving average price of $32.31. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79. Bank of America has a 52-week low of $24.96 and a 52-week high of $38.35.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the company earned $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities analysts expect that Bank of America will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 33.22%.

Institutional Investors Weigh In On Bank of America

Institutional investors and hedge funds have recently made changes to their positions in the business. Roundview Capital LLC raised its position in Bank of America by 1.5% in the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after buying an additional 2,013 shares during the last quarter. Loomis Sayles & Co. L P raised its holdings in shares of Bank of America by 150.3% in the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 1,192 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after purchasing an additional 16,319 shares in the last quarter. First Western Trust Bank purchased a new position in Bank of America during the first quarter worth about $586,000. Finally, Pearl River Capital LLC bought a new stake in Bank of America in the 1st quarter worth about $534,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.