Bank of America (NYSE:BAC) Earns Sell Rating from Cfra

Bank of America (NYSE:BAC)‘s stock had its “sell” rating reiterated by equities research analysts at Cfra in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $39.00 target price on the financial services provider’s stock. Cfra’s price target points to a potential downside of 11.94% from the company’s previous close.

A number of other research firms also recently weighed in on BAC. JPMorgan Chase & Co. upped their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.34.

Bank of America Trading Up 5.7 %

Shares of BAC stock traded up $2.40 on Tuesday, reaching $44.29. The company had a trading volume of 46,301,243 shares, compared to its average volume of 38,288,020. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $346.36 billion, a PE ratio of 15.31, a PEG ratio of 1.58 and a beta of 1.35. The company has a 50-day moving average of $39.68 and a 200-day moving average of $36.71. Bank of America has a 12 month low of $24.96 and a 12 month high of $44.29.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.02. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the business earned $0.88 EPS. Bank of America’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts forecast that Bank of America will post 3.22 earnings per share for the current year.

Institutional Investors Weigh In On Bank of America

Large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Bank of America in the fourth quarter valued at $3,734,407,000. Vanguard Group Inc. raised its position in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd raised its position in Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. 70.71% of the stock is currently 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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.