Bank of America (NYSE:BAC) Stock Price Down 7.4% Following Analyst Downgrade

Bank of America Co. (NYSE:BAC)'s share price fell 7.4% 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. 34,012,220 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 37,531,304 shares. The stock had previously closed at $37.22.

Several other brokerages also recently commented on BAC. Morgan Stanley lifted their price target on 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. Citigroup cut their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. UBS Group raised shares of Bank of America from a "neutral" rating to a "buy" rating and upped their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.31.

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Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BAC. Principal Financial Group Inc. raised its stake in shares of Bank of America by 3.8% in 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 acquiring an additional 569,385 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Bank of America by 0.8% in the third quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider's stock valued at $43,268,000 after purchasing an additional 9,137 shares in the last quarter. Morse Asset Management Inc bought a new position in Bank of America in the 3rd quarter worth approximately $306,000. Zacks Investment Management acquired a new position in Bank of America during the 3rd quarter worth $89,332,000. Finally, XTX Topco Ltd lifted its holdings in Bank of America by 11.4% during the 3rd quarter. XTX Topco Ltd now owns 118,429 shares of the financial services provider's stock worth $4,699,000 after buying an additional 12,138 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 7.7 %

The business has a 50-day moving average price of $43.74 and a two-hundred day moving average price of $43.91. The company has a market cap of $261.32 billion, a P/E ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32. 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 released 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the company posted $0.70 EPS. The company's revenue was up 15.0% compared to the same quarter last year. On average, analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America's dividend payout ratio 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.