Bank of America (NYSE:BAC) Sets New 12-Month Low on Analyst Downgrade

by · The Cerbat Gem

Bank of America Co. (NYSE:BAC)’s share price hit a new 52-week low during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $53.00 to $50.00. Truist Financial currently has a buy rating on the stock. Bank of America traded as low as $33.67 and last traded at $34.46, with a volume of 34012220 shares changing hands. The stock had previously closed at $37.22.

A number of other equities research analysts have also issued reports on the stock. Citigroup cut their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. Oppenheimer lifted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Barclays upped their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Get Our Latest Stock Analysis on BAC

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAC. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after buying an additional 173,021 shares during the last quarter. OFI Invest Asset Management purchased a new position in Bank of America in the fourth quarter worth about $60,679,000. Arizona State Retirement System grew its stake in shares of Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after purchasing an additional 10,377 shares during the period. Keybank National Association OH increased its position in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after purchasing an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after buying an additional 297,858 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $261.82 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The firm’s 50-day moving average is $43.99 and its 200-day moving average is $43.91.

Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.02%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Bank of America Company Profile

(Get Free Report)

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.

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