Piper Sandler Cuts Bank of America (NYSE:BAC) Price Target to $42.00

Bank of America (NYSE:BAC) had its target price dropped by equities research analysts at Piper Sandler from $45.00 to $42.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price suggests a potential upside of 11.79% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Morgan Stanley upped their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Evercore ISI dropped their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Cfra Research boosted their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Citigroup cut their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Stock Performance

NYSE BAC traded down $0.42 on Wednesday, reaching $37.57. 13,445,851 shares of the stock were exchanged, compared to its average volume of 39,294,915. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America has a one year low of $33.07 and a one year high of $48.08. The firm has a market capitalization of $285.64 billion, a PE ratio of 11.64, a PEG ratio of 1.21 and a beta of 1.24. The company’s 50-day simple moving average is $41.85 and its two-hundred day simple moving average is $43.66.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Institutional Trading of Bank of America

A number of large investors have recently modified their holdings of the company. Principal Financial Group Inc. grew its position in shares of Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares in the last quarter. Morse Asset Management Inc purchased a new position in Bank of America during the 3rd quarter valued at about $306,000. SkyView Investment Advisors LLC lifted its position in shares of Bank of America by 4.3% in the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock worth $619,000 after purchasing an additional 645 shares during the period. Tudor Financial Inc. purchased a new position in Bank of America during the third quarter valued at approximately $645,000. Finally, Eaton Financial Holdings Company LLC bought a new position in Bank of America in the third quarter worth approximately $488,000. 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.