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

Bank of America Co. (NYSE:BAC) traded down 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 were traded 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 analysts also recently commented on the stock. Piper Sandler decreased their price objective on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a research report on Friday, January 17th. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Citigroup decreased their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, March 24th. Evercore ISI dropped their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Finally, Oppenheimer lifted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.31.

Hedge Funds Weigh In On Bank of America

Several hedge funds have recently added to or reduced their stakes in the company. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc increased its stake in 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 worth $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC bought a new stake in Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new stake in Bank of America in the 4th quarter valued at about $29,000. Finally, Vega Investment Solutions bought a new position in Bank of America in the 4th quarter worth about $30,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.4 %

The firm has a market capitalization of $271.54 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The stock's 50-day moving average price is $43.51 and its 200 day moving average price is $43.90. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America's revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 earnings per share. On average, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.91%. The ex-dividend date was Friday, March 7th. Bank of America's payout ratio is currently 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.