Evercore ISI Lowers Bank of America (NYSE:BAC) Price Target to $51.00

Bank of America (NYSE:BAC) had its price objective cut by investment analysts at Evercore ISI from $53.00 to $51.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s price target would indicate a potential upside of 9.57% from the company’s previous close.

Several other equities research analysts also recently issued reports on BAC. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of BAC opened at $46.54 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50-day moving average of $45.79 and a 200-day moving average of $42.42. The company has a market cap of $357.13 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. Bank of America has a one year low of $31.40 and a one year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 earnings per share. As a group, equities analysts forecast that Bank of America will post 3.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BAC. Kennebec Savings Bank bought a new stake in shares of Bank of America during the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC grew its stake in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc increased its holdings in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the 4th quarter valued at $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the 3rd quarter valued at $45,000. Institutional investors 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.