Bank of America (NYSE:BAC) Stock Price Down 0.5% After Analyst Downgrade

Bank of America Co. (NYSE:BAC) dropped 0.5% on Tuesday after Evercore ISI lowered their price target on the stock from $51.00 to $48.00. Evercore ISI currently has an outperform rating on the stock. Bank of America traded as low as $40.97 and last traded at $41.53. Approximately 6,580,183 shares were traded during trading, a decline of 83% from the average daily volume of 38,216,488 shares. The stock had previously closed at $41.73.

A number of other equities research analysts have also recently commented on the company. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Hedge Funds Weigh In On Bank of America

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Graney & King LLC purchased a new position in Bank of America in the 4th quarter valued at approximately $25,000. Collier Financial purchased a new position in shares of Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 4th quarter valued at $29,000. Vega Investment Solutions purchased a new stake in Bank of America during the 4th quarter worth about $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America in the 4th quarter worth about $31,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.5 %

The stock has a fifty day simple moving average of $44.35 and a two-hundred day simple moving average of $43.95. The firm has a market cap of $315.74 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.50%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.