Bank of America (NYSE:BAC) Price Target Cut to $48.00 by Analysts at Evercore ISI

Bank of America (NYSE:BAC) had its price target decreased by Evercore ISI from $51.00 to $48.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s price target points to a potential upside of 14.64% from the stock’s current price.

BAC has been the subject of several other research reports. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Barclays lifted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Morgan Stanley increased their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Citigroup cut their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.31.

Bank of America Stock Performance

Shares of BAC opened at $41.87 on Tuesday. 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 $318.33 billion, a PE ratio of 13.00, a P/E/G ratio of 1.21 and a beta of 1.32. The firm has a 50-day moving average price of $44.17 and a 200 day moving average price of $43.96. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Hedge Funds Weigh In On Bank of America

A number of hedge funds have recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA increased its stake in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the last quarter. Avalon Trust Co boosted its stake in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 219 shares in the last quarter. Prossimo Advisors LLC increased its holdings in shares of Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares during the last quarter. Marino Stram & Associates LLC raised its stake in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management lifted its holdings in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 223 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Company Profile

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.