Barclays Lowers Bank of America (NYSE:BAC) Price Target to $54.00

Bank of America (NYSE:BAC) had its price target decreased by Barclays from $58.00 to $54.00 in a report published on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the financial services provider's stock.

Several other research firms have also issued reports on BAC. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Truist Financial decreased their price objective on shares of Bank of America from $53.00 to $50.00 and set a "buy" rating for the company in a report on Friday, April 4th. UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and increased their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, HSBC raised 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. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.20.

Bank of America Stock Performance

Bank of America stock traded up $0.11 during trading hours on Wednesday, hitting $37.44. The stock had a trading volume of 47,052,978 shares, compared to its average volume of 39,127,145. The company 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 has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a 50-day moving average of $41.27 and a two-hundred day moving average of $43.59.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, equities research analysts anticipate that Bank of America 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. Investors of record on Friday, March 7th were paid 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 30.95%.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently made changes to their positions in BAC. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter worth $25,000. Life Planning Partners Inc raised its position in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC purchased a new position in Bank of America in the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new position in Bank of America in the 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions bought a new stake in shares of Bank of America during the 4th quarter valued at $30,000. Institutional investors and hedge funds own 70.71% of the company's stock.

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.