Citigroup Cuts Bank of America (NYSE:BAC) Price Target to $50.00

Bank of America (NYSE:BAC) had its price target trimmed by Citigroup from $54.00 to $50.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the financial services provider's stock.

A number of other analysts also recently issued reports on the stock. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating on the stock in a report on Friday, January 17th. Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research report on Friday, January 17th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Morgan Stanley lifted their price objective on shares of 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. Finally, Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.45.

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Bank of America Price Performance

Shares of Bank of America stock traded down $0.21 during trading hours on Monday, hitting $42.61. The company's stock had a trading volume of 25,606,235 shares, compared to its average volume of 35,794,224. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America has a 12-month low of $34.15 and a 12-month high of $48.08. The business has a 50 day moving average price of $44.55 and a two-hundred day moving average price of $43.85. The company has a market cap of $323.96 billion, a PE ratio of 13.23, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm's revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.70 EPS. Analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's dividend payout ratio (DPR) is presently 32.30%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BAC. Graney & King LLC purchased a new position in shares of Bank of America during the fourth quarter valued at $25,000. Collier Financial purchased a new position in Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter valued at approximately $31,000. 70.71% of the stock is currently owned by hedge funds and other 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.