Bank of America (NYSE:BAC) Reaches New 52-Week Low Following Analyst Downgrade

Bank of America Co. (NYSE:BAC) hit a new 52-week low during trading on Friday after Truist Financial lowered their price target on the stock from $53.00 to $50.00. Truist Financial currently has a buy rating on the stock. Bank of America traded as low as $33.67 and last traded at $34.46, with a volume of 34012220 shares trading hands. The stock had previously closed at $37.22.

A number of other equities analysts also recently commented on the company. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Citigroup decreased 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 report on Monday, March 24th. Oppenheimer raised their target price on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. Finally, Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. 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 company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.31.

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Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA increased its position in shares of Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after purchasing an additional 217 shares during the period. Avalon Trust Co lifted its holdings in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC increased its stake in Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 220 shares during the period. Marino Stram & Associates LLC raised its position in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after purchasing an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management lifted its stake in Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after purchasing an additional 223 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 7.7 %

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $43.74 and a two-hundred day simple moving average of $43.91. The company has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 EPS. Bank of America's quarterly revenue was up 15.0% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 3.03%. Bank of America's dividend payout ratio (DPR) is presently 32.30%.

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.