Bank of America (NYSE:BAC) Price Target Cut to $50.00 by Analysts at Citigroup

Bank of America (NYSE:BAC) had its price target cut by equities research analysts at Citigroup from $54.00 to $50.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Citigroup’s target price indicates a potential upside of 16.48% from the company’s current price.

A number of other brokerages also recently issued reports on BAC. Piper Sandler cut 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. Oppenheimer lifted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Truist Financial boosted their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.45.

Bank of America Trading Up 1.1 %

BAC traded up $0.46 during trading hours on Monday, reaching $42.93. 7,403,333 shares of the company’s stock traded hands, compared to its average volume of 39,081,480. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $44.81 and a 200 day moving average price of $43.81. Bank of America has a 52-week low of $34.15 and a 52-week high of $48.08. The firm has a market capitalization of $326.36 billion, a PE ratio of 13.33, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America will post 3.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of America

A number of institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Algert Global LLC purchased a new stake in Bank of America during the third quarter worth about $606,000. StoneX Group Inc. lifted its position in shares of Bank of America by 7.1% during the third quarter. StoneX Group Inc. now owns 24,156 shares of the financial services provider’s stock worth $959,000 after purchasing an additional 1,602 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Bank of America by 18.0% in the third quarter. Larson Financial Group LLC now owns 10,382 shares of the financial services provider’s stock valued at $412,000 after purchasing an additional 1,583 shares during the period. Finally, Cahill Financial Advisors Inc. grew its holdings in shares of Bank of America by 2.1% in the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after purchasing an additional 249 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

About Bank of America

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.