Bank of America (NYSE:BAC) Rating Increased to Neutral at Piper Sandler Companies

Bank of America (NYSE:BAC) was upgraded by equities researchers at Piper Sandler Companies from an “underweight” rating to a “neutral” rating in a research report issued on Tuesday, BayStreet.CA reports. The firm currently has a $42.00 target price on the financial services provider’s stock, up from their previous target price of $37.00. Piper Sandler Companies’ target price indicates a potential upside of 0.67% from the stock’s current price.

Several other equities research analysts have also issued reports on BAC. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Citigroup raised their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. UBS Group reaffirmed a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. BMO Capital Markets raised their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Finally, StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $40.41.

Get Our Latest Stock Analysis on Bank of America

Bank of America Price Performance

Shares of NYSE:BAC opened at $41.72 on Tuesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s fifty day simple moving average is $39.41 and its two-hundred day simple moving average is $36.52. Bank of America has a 1-year low of $24.96 and a 1-year high of $41.83. The stock has a market cap of $326.27 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35.

Bank of America (NYSE:BACGet Free Report) last announced its 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 firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the firm posted $0.94 EPS. The business’s revenue was down 1.7% compared to the same quarter last year. As a group, analysts forecast that Bank of America will post 3.22 EPS for the current fiscal year.

Institutional Trading of Bank of America

A number of large investors have recently modified their holdings of BAC. Harbour Investments Inc. boosted its position in shares of Bank of America by 5.7% during the 3rd quarter. Harbour Investments Inc. now owns 16,829 shares of the financial services provider’s stock valued at $461,000 after acquiring an additional 901 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new stake in Bank of America in the 3rd quarter worth approximately $527,000. ASB Consultores LLC lifted its position in Bank of America by 65.7% in the 3rd quarter. ASB Consultores LLC now owns 16,450 shares of the financial services provider’s stock worth $450,000 after buying an additional 6,522 shares during the last quarter. Modera Wealth Management LLC lifted its position in Bank of America by 4.8% in the 3rd quarter. Modera Wealth Management LLC now owns 87,590 shares of the financial services provider’s stock worth $2,398,000 after buying an additional 3,975 shares during the last quarter. Finally, Fidelity D & D Bancorp Inc. bought a new stake in Bank of America in the 3rd quarter worth approximately $204,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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