Keefe, Bruyette & Woods Has Lowered Expectations for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its target price lowered by research analysts at Keefe, Bruyette & Woods from $55.00 to $52.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price would indicate a potential upside of 38.89% from the company's previous close.

Several other research analysts have also recently weighed in on the stock. Evercore ISI dropped their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Citigroup dropped 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 report on Monday, March 24th. Cfra Research lifted their price objective on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. lowered their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Finally, Oppenheimer boosted 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, seventeen have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $47.20.

Bank of America Stock Up 0.3 %

Shares of NYSE:BAC traded up $0.11 on Wednesday, hitting $37.44. 47,052,978 shares of the company traded hands, 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 PEG ratio of 1.21 and a beta of 1.24. The stock has a 50 day simple moving average of $41.27 and a 200-day simple moving average of $43.59. Bank of America has a 52 week low of $33.07 and a 52 week high of $48.08. 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 quarterly earnings data 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 company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, research analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Graney & King LLC purchased a new position in Bank of America during the 4th quarter worth $25,000. Collier Financial purchased a new position in Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the fourth quarter worth $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the 4th quarter valued at about $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors 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.