Argus Lowers Bank of America (NYSE:BAC) Price Target to $47.00

Bank of America (NYSE:BAC) had its target price decreased by Argus from $53.00 to $47.00 in a report released on Wednesday, MarketBeat reports. The firm presently has a "buy" rating on the financial services provider's stock. Argus' target price points to a potential upside of 25.53% from the company's current price.

Several other equities research analysts have also recently weighed in on BAC. Hsbc Global Res upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Citigroup dropped 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 report on Monday, March 24th. Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Finally, Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $47.20.

Bank of America Trading Up 0.3 %

NYSE BAC traded up $0.11 during trading hours on Wednesday, hitting $37.44. 47,052,978 shares of the company were exchanged, compared to its average volume of 39,058,283. The stock has a market cap of $284.65 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America has a 52 week low of $33.07 and a 52 week high of $48.08. The stock has a 50-day moving average price of $41.27 and a 200 day moving average price of $43.59. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Analysts forecast that Bank of America will post 3.7 earnings per share for the current fiscal year.

Institutional Trading of Bank of America

A number of institutional investors have recently bought and sold shares of BAC. Norges Bank purchased a new position in Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors raised its stake in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Bank of America by 10.6% in the fourth 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 acquiring an additional 11,691,451 shares during the last quarter. Amundi boosted its stake in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Bank of America by 17.2% during 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 purchasing an additional 9,980,859 shares during the last quarter. 70.71% of the stock is 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.