Bank of America (NYSE:BAC) Given New $50.00 Price Target at Truist Financial

Bank of America (NYSE:BAC) had its price objective cut by Truist Financial from $53.00 to $50.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Truist Financial's price objective indicates a potential upside of 45.47% from the stock's current price.

BAC has been the subject of several other research reports. UBS Group raised shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Citigroup cut their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Hsbc Global Res upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Finally, Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.31.

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Bank of America Price Performance

Shares of NYSE BAC traded down $2.85 on Friday, hitting $34.37. The company's stock had a trading volume of 107,688,693 shares, compared to its average volume of 37,808,972. The stock has a 50 day moving average of $43.74 and a 200-day moving average of $43.91. The company has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America has a 12-month low of $33.67 and a 12-month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. As a group, research analysts predict that Bank of America will post 3.7 EPS for the current year.

Institutional Trading of Bank of America

Large investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $5,226,989,000. Capital World Investors grew its position in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. Institutional investors and hedge funds 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.