Bank of America (NYSE:BAC) Price Target Lowered to $45.00 at Oppenheimer

Bank of America (NYSE:BAC) had its target price lowered by investment analysts at Oppenheimer from $46.00 to $45.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price objective would suggest a potential upside of 25.80% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research note on Tuesday, January 16th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Barclays raised their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $38.29.

Bank of America Stock Up 1.5 %

BAC opened at $35.77 on Wednesday. The company has a market cap of $282.25 billion, a P/E ratio of 12.38, a P/E/G ratio of 1.58 and a beta of 1.39. The business’s 50-day moving average price is $35.61 and its 200-day moving average price is $32.24. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. Bank of America has a 12 month low of $24.96 and a 12 month high of $38.35.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 earnings per share. On average, equities analysts expect that Bank of America will post 3.13 EPS for the current year.

Institutional Trading of Bank of America

A number of hedge funds have recently made changes to their positions in the stock. Silverlake Wealth Management LLC boosted its position in shares of Bank of America by 54.4% in the 1st quarter. Silverlake Wealth Management LLC now owns 26,273 shares of the financial services provider’s stock worth $996,000 after purchasing an additional 9,255 shares in the last quarter. Naviter Wealth LLC boosted its position in shares of Bank of America by 5.6% in the 1st quarter. Naviter Wealth LLC now owns 69,405 shares of the financial services provider’s stock worth $2,632,000 after purchasing an additional 3,693 shares in the last quarter. Quattro Financial Advisors LLC boosted its position in shares of Bank of America by 58,723.5% in the 1st quarter. Quattro Financial Advisors LLC now owns 20,000 shares of the financial services provider’s stock worth $758,000 after purchasing an additional 19,966 shares in the last quarter. Eagle Ridge Investment Management raised its holdings in Bank of America by 2.6% in the 1st quarter. Eagle Ridge Investment Management now owns 228,315 shares of the financial services provider’s stock worth $8,658,000 after acquiring an additional 5,814 shares during the last quarter. Finally, Buffington Mohr McNeal raised its holdings in Bank of America by 4.2% in the 1st quarter. Buffington Mohr McNeal now owns 170,217 shares of the financial services provider’s stock worth $6,455,000 after acquiring an additional 6,903 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

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.