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

Bank of America (NYSE:BAC) had its price objective reduced by Truist Financial from $50.00 to $47.00 in a research note issued to investors on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the financial services provider's stock.

Several other research firms also recently issued reports on BAC. Evercore ISI reduced their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research report on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Finally, 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 report on Friday, January 17th. One investment 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 company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.20.

Bank of America Trading Up 0.3 %

Shares of BAC stock traded up $0.11 during trading hours on Wednesday, hitting $37.44. 47,052,978 shares of the company's stock traded hands, compared to its average volume of 39,127,145. The stock's 50 day simple moving average is $41.27 and its 200 day simple moving average is $43.59. Bank of America has a 12 month low of $33.07 and a 12 month high of $48.08. 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. 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 quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, sell-side analysts anticipate that Bank of America will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. Bank of America's dividend payout ratio is currently 30.95%.

Hedge Funds Weigh In On Bank of America

Large investors have recently bought and sold shares of the stock. Collier Financial bought a new stake in shares of Bank of America in the fourth quarter worth about $25,000. Life Planning Partners Inc lifted its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the fourth quarter valued at $29,000. Finally, Vega Investment Solutions bought a new position in shares of Bank of America in the 4th quarter worth about $30,000. 70.71% of the stock is 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.