Bank of America (NYSE:BAC) Given New $48.00 Price Target at Evercore ISI

Bank of America (NYSE:BAC) had its price target reduced by Evercore ISI from $51.00 to $48.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s price objective suggests a potential upside of 16.87% from the stock’s previous close.

BAC has been the subject of several other research reports. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.66 during mid-day trading on Tuesday, hitting $41.07. The company had a trading volume of 4,120,482 shares, compared to its average volume of 37,126,959. The stock’s 50-day moving average price is $44.35 and its 200-day moving average price is $43.95. The company has a market capitalization of $312.27 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America has a 1 year low of $34.15 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly 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 analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 EPS. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America will post 3.7 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BAC. Fire Capital Management LLC bought a new stake in shares of Bank of America during the fourth quarter worth $377,000. Mascagni Wealth Management Inc. bought a new stake in Bank of America during the 4th quarter valued at about $40,000. DSG Capital Advisors LLC bought a new stake in Bank of America during the 4th quarter valued at about $6,753,000. Chancellor Financial Group WB LP purchased a new stake in Bank of America in the 4th quarter valued at about $1,591,000. Finally, Triton Wealth Management PLLC grew its stake in Bank of America by 20.8% in the 4th quarter. Triton Wealth Management PLLC now owns 11,138 shares of the financial services provider’s stock worth $504,000 after acquiring an additional 1,920 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

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.