Bank of America (NYSE:BAC) Given New $51.00 Price Target at Evercore ISI

Bank of America (NYSE:BAC) had its price target cut by Evercore ISI from $53.00 to $51.00 in a research report released on Friday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Several other equities analysts have also issued reports on BAC. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Truist Financial began coverage on Bank of America in a research note on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Oppenheimer decreased their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Down 0.2 %

Shares of NYSE:BAC opened at $46.54 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $357.13 billion, a PE ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. Bank of America has a 12-month low of $31.40 and a 12-month high of $48.08. The business’s fifty day simple moving average is $45.76 and its 200-day simple moving average is $42.37.

Bank of America (NYSE:BAC) 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. As a group, equities research analysts predict that Bank of America will post 3.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of America

A number of hedge funds have recently bought and sold shares of the business. Edgestream Partners L.P. purchased a new position in Bank of America during the second quarter valued at $257,000. Ieq Capital LLC raised its position in shares of Bank of America by 17.2% during the 2nd quarter. Ieq Capital LLC now owns 305,830 shares of the financial services provider’s stock worth $12,163,000 after purchasing an additional 44,821 shares during the last quarter. GM Advisory Group LLC lifted its stake in Bank of America by 1.3% in the 2nd quarter. GM Advisory Group LLC now owns 35,567 shares of the financial services provider’s stock valued at $1,414,000 after buying an additional 446 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Bank of America by 7.0% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock worth $3,887,000 after buying an additional 6,385 shares during the last quarter. Finally, Callan Capital LLC increased its stake in Bank of America by 8.1% during the 2nd quarter. Callan Capital LLC now owns 26,871 shares of the financial services provider’s stock worth $1,069,000 after buying an additional 2,019 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.