Bank of America (NYSE:BAC) Price Target Cut to $50.00 by Analysts at Truist Financial

Bank of America (NYSE:BAC) had its target price cut by equities research analysts at Truist Financial from $53.00 to $50.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Truist Financial's price target would indicate a potential upside of 40.23% from the stock's current price.

Several other analysts have also recently commented on the company. Evercore ISI reduced their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Barclays raised their target price on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Morgan Stanley raised their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research note on Friday, January 17th. Finally, Citigroup lowered their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.31.

Bank of America Stock Performance

Bank of America stock traded up $0.08 during trading hours on Friday, reaching $35.66. 35,766,236 shares of the stock were exchanged, compared to its average volume of 38,202,810. Bank of America has a 52-week low of $33.54 and a 52-week high of $48.08. The stock has a market cap of $271.09 billion, a P/E ratio of 11.02, a P/E/G ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm's 50 day moving average is $43.51 and its 200 day moving average is $43.90.

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 (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. During the same period in the prior year, the company posted $0.70 earnings per share. The firm's revenue for the quarter was up 15.0% on a year-over-year basis. Analysts predict that Bank of America will post 3.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of America

Several large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its position in Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock worth $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Bank of America by 0.8% during the 3rd quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider's stock valued at $43,268,000 after buying an additional 9,137 shares during the period. Morse Asset Management Inc acquired a new stake in shares of Bank of America during the 3rd quarter worth $306,000. Two Sigma Advisers LP boosted its holdings in Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider's stock valued at $405,049,000 after acquiring an additional 10,175,100 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC purchased a new stake in Bank of America during the third quarter valued at about $101,507,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.