Citigroup Issues Pessimistic Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective lowered by Citigroup from $54.00 to $50.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price objective points to a potential upside of 15.45% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Trading Up 0.6 %

BAC opened at $43.31 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $329.28 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 1.21 and a beta of 1.32. Bank of America has a 12 month low of $34.15 and a 12 month high of $48.08. The stock has a fifty day moving average price of $44.72 and a 200-day moving average price of $43.87.

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

Institutional Investors Weigh In On Bank of America

Institutional investors have recently modified their holdings of the business. Collier Financial purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc raised its stake in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth $25,000. Fairway Wealth LLC acquired a new stake in Bank of America during the 4th quarter worth $29,000. Finally, Vega Investment Solutions purchased a new stake in shares of Bank of America during the fourth quarter worth $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.