Bank of America (NYSE:BAC) Given New $55.00 Price Target at Evercore

Bank of America (NYSE:BAC) had its price target decreased by research analysts at Evercore from $59.00 to $55.00 in a note issued to investors on Monday,MarketScreener reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Evercore’s price objective indicates a potential upside of 11.41% from the stock’s current price.

Several other brokerages also recently weighed in on BAC. Jefferies Financial Group started coverage on shares of Bank of America in a research report on Thursday, March 26th. They set a “buy” rating and a $60.00 price target for the company. Royal Bank Of Canada increased their target price on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Morgan Stanley decreased their price target on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Barclays upped their price target on Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, January 27th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $59.20.

Bank of America Stock Down 0.0%

Shares of Bank of America stock opened at $49.37 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America has a 12-month low of $33.06 and a 12-month high of $57.55. The company has a market cap of $352.75 billion, a P/E ratio of 12.89, a PEG ratio of 1.20 and a beta of 1.23. The company’s fifty day simple moving average is $50.68 and its two-hundred day simple moving average is $52.22.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $27.73 billion. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 EPS. Research analysts anticipate that Bank of America will post 3.7 EPS for the current year.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the sale, the insider owned 170,184 shares in the company, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 227,832 shares of company stock worth $11,094,960. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of America

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares during the period. Capital World Investors lifted its position in Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock worth $7,448,816,000 after buying an additional 14,275,810 shares during the last quarter. Norges Bank purchased a new position in Bank of America during the fourth quarter worth $4,774,210,000. Bank of New York Mellon Corp boosted its stake in Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock worth $3,169,062,000 after buying an additional 2,929,779 shares during the period. Finally, Fisher Asset Management LLC increased its position in Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after acquiring an additional 1,105,833 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.