Oppenheimer Lowers Bank of America (NYSE:BAC) Price Target to $45.00

Bank of America (NYSE:BAC) had its price target lowered by Oppenheimer from $46.00 to $45.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price objective would indicate a potential upside of 25.80% from the stock’s current price.

A number of other research analysts have also recently commented on BAC. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research note on Tuesday, January 16th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Finally, HSBC restated a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $38.29.

Bank of America Trading Up 1.5 %

Shares of NYSE:BAC opened at $35.77 on Wednesday. The company has a market cap of $282.25 billion, a P/E ratio of 12.38, a P/E/G ratio of 1.58 and a beta of 1.39. The stock’s 50-day moving average is $35.61 and its 200-day moving average is $32.24. Bank of America has a 52-week low of $24.96 and a 52-week high of $38.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the business posted $0.94 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. Equities research analysts predict that Bank of America will post 3.13 earnings per share for the current year.

Institutional Investors Weigh In On Bank of America

Several hedge funds have recently bought and sold shares of BAC. Schechter Investment Advisors LLC raised its holdings in Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after acquiring an additional 4,187 shares during the period. Eastern Bank boosted its position in Bank of America by 354.5% in the third quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after buying an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its position in Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in shares of Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares during the period. Finally, Sarasin & Partners LLP acquired a new position in shares of Bank of America during the fourth quarter worth $673,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.