Recent Investment Analysts’ Ratings Changes for Bank of America (BAC)

Several brokerages have updated their recommendations and price targets on shares of Bank of America (NYSE: BAC) in the last few weeks:

• 4/8/2024 – Bank of America had its price target raised by analysts at Jefferies Financial Group Inc. from $36.00 to $39.00. They now have a “hold” rating on the stock.
• 4/5/2024 – Bank of America had its price target raised by analysts at Keefe, Bruyette & Woods from $33.00 to $37.00. They now have a “market perform” rating on the stock.
• 4/4/2024 – Bank of America had its price target raised by analysts at Evercore ISI from $37.00 to $41.00. They now have an “outperform” rating on the stock.
• 4/4/2024 – Bank of America had its “neutral” rating reaffirmed by analysts at UBS Group AG. They now have a $40.00 price target on the stock, up previously from $39.00.
• 4/3/2024 – Bank of America was upgraded by analysts at Erste Group Bank AG from a “hold” rating to a “buy” rating.
• 3/28/2024 – Bank of America had its price target raised by analysts at Wells Fargo & Company from $40.00 to $44.00. They now have an “overweight” rating on the stock.
• 3/28/2024 – Bank of America had its “hold” rating reaffirmed by analysts at HSBC Holdings plc. They now have a $39.00 price target on the stock, up previously from $38.00.
• 3/20/2024 – Bank of America had its price target raised by analysts at Citigroup Inc. from $37.00 to $39.00. They now have a “neutral” rating on the stock.
• 3/19/2024 – Bank of America had its price target lowered by analysts at Oppenheimer Holdings Inc. from $50.00 to $46.00. They now have an “outperform” rating on the stock.

Bank of America Stock Down 0.8 %

Shares of BAC traded down $0.30 during midday trading on Thursday, reaching $36.35. The stock had a trading volume of 37,732,066 shares, compared to its average volume of 40,297,652. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35. The company’s fifty day simple moving average is $35.32 and its two-hundred day simple moving average is $31.92. The company has a market cap of $286.82 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 1.72 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. Bank of America’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period last year, the business earned $0.85 EPS. Equities research analysts expect that Bank of America Co. will post 3.11 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

Institutional Trading of Bank of America

Institutional investors have recently added to or reduced their stakes in the stock. Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter worth about $25,000. Quarry LP acquired a new position in Bank of America during the fourth quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc increased its position in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the last quarter. Livelsberger Financial Advisory purchased a new stake in Bank of America during the fourth quarter worth approximately $28,000. Finally, Castleview Partners LLC purchased a new stake in Bank of America during the first quarter worth approximately $28,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.