Evercore ISI Cuts Bank of America (NYSE:BAC) Price Target to $51.00

Bank of America (NYSE:BAC) had its price objective lowered by investment analysts at Evercore ISI from $53.00 to $51.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s price target indicates a potential upside of 9.13% from the company’s previous close.

Several other analysts have also commented on the stock. Piper Sandler increased their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Oppenheimer reduced their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Finally, Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $48.48.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.74 on Friday. The firm 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’s 50 day simple moving average is $45.72 and its 200-day simple moving average is $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 announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the business posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts forecast that Bank of America will post 3.24 earnings per share for the current fiscal year.

Institutional Trading of Bank of America

Hedge funds have recently made changes to their positions in the company. Kennebec Savings Bank acquired a new stake in Bank of America during the 3rd quarter valued at $29,000. Highline Wealth Partners LLC boosted its position in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its stake in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the third quarter worth about $45,000. 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.