Evercore ISI Has Lowered Expectations for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price target dropped by analysts at Evercore ISI from $53.00 to $51.00 in a report released on Friday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s target price suggests a potential upside of 9.13% from the company’s previous close.

Other research analysts have also issued reports about the company. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $48.00 to $55.00 in a report on Monday, December 9th. Oppenheimer lowered their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. 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. 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 report on Tuesday, January 7th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.48.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.74 on Friday. The stock has a market capitalization of $358.59 billion, a price-to-earnings ratio of 16.94, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50-day moving average of $45.72 and a 200 day moving average of $42.34. Bank of America has a 12 month low of $31.40 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.70 earnings per share. As a group, sell-side analysts forecast that Bank of America will post 3.24 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

Large investors have recently bought and sold shares of the company. Fort Washington Investment Advisors Inc. OH raised its holdings in Bank of America by 2.2% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 5,952,148 shares of the financial services provider’s stock worth $261,597,000 after purchasing an additional 125,317 shares in the last quarter. Atomi Financial Group Inc. lifted its holdings in shares of Bank of America by 5.5% in the 4th quarter. Atomi Financial Group Inc. now owns 151,844 shares of the financial services provider’s stock valued at $6,674,000 after buying an additional 7,956 shares during the period. Monterey Private Wealth Inc. lifted its holdings in shares of Bank of America by 4.0% in the 4th quarter. Monterey Private Wealth Inc. now owns 33,768 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 1,291 shares during the period. Lockerman Financial Group Inc. boosted its stake in shares of Bank of America by 6.7% in the fourth quarter. Lockerman Financial Group Inc. now owns 8,101 shares of the financial services provider’s stock valued at $356,000 after buying an additional 511 shares in the last quarter. Finally, Clear Harbor Asset Management LLC grew its holdings in Bank of America by 4.6% during the fourth quarter. Clear Harbor Asset Management LLC now owns 27,484 shares of the financial services provider’s stock worth $1,208,000 after acquiring an additional 1,200 shares during the period. 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.