Bank of America (NYSE:BAC) Price Target Lowered to $54.00 at Autonomous Res
by Michael Walen · The Markets DailyBank of America (NYSE:BAC) had its target price cut by Autonomous Res from $62.00 to $54.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Autonomous Res’ price target suggests a potential upside of 9.39% from the company’s current price.
Several other analysts have also issued reports on the company. Erste Group Bank lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. The Goldman Sachs Group boosted their price objective on Bank of America from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday. Royal Bank Of Canada increased their target price on shares of Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, January 27th. Finally, Piper Sandler increased their price target on Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, January 15th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $59.20.
Get Our Latest Research Report on BAC
Bank of America Stock Down 0.0%
BAC opened at $49.37 on Monday. The firm’s 50 day simple moving average is $50.68 and its two-hundred day simple moving average is $52.22. The company has a market capitalization of $352.75 billion, a PE ratio of 12.89, a PEG ratio of 1.20 and a beta of 1.23. Bank of America has a 1-year low of $33.06 and a 1-year high of $57.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $27.73 billion. During the same period in the prior year, the business posted $0.82 EPS. Bank of America’s revenue was up 12.3% on a year-over-year basis. As a group, equities analysts forecast that Bank of America will post 3.7 EPS for the current year.
Insiders Place Their Bets
In other news, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. The trade was a 35.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 227,832 shares of company stock valued at $11,094,960 in the last three months. Corporate insiders own 0.30% of the company’s stock.
Institutional Investors Weigh In On Bank of America
Several institutional investors have recently modified their holdings of BAC. Norges Bank bought a new position in shares of Bank of America during the 4th quarter valued at approximately $4,774,210,000. Capital International Investors purchased a new position in Bank of America during the fourth quarter worth $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after buying an additional 40,235,201 shares during the period. Vanguard Group Inc. increased its position in Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. raised its stake in shares of Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after acquiring an additional 22,621,546 shares during the period. 70.71% of the stock is owned by institutional investors.
About Bank of America
Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.
Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.