Piper Sandler Has Lowered Expectations for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective cut by equities research analysts at Piper Sandler from $45.00 to $42.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would indicate a potential upside of 11.79% from the company’s previous close.

BAC has been the subject of a number of other reports. Cfra Research boosted their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Finally, Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.25.

Bank of America Stock Performance

NYSE:BAC traded down $0.42 on Wednesday, reaching $37.57. 13,445,851 shares of the company’s stock were exchanged, compared to its average volume of 39,294,915. The firm has a market cap of $285.64 billion, a price-to-earnings ratio of 11.64, a P/E/G ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a fifty day simple moving average of $41.85 and a 200-day simple moving average of $43.66. Bank of America has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, sell-side analysts predict that Bank of America will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

Hedge funds have recently made changes to their positions in the business. Compagnie Lombard Odier SCmA purchased a new stake in Bank of America in the first quarter worth $66,759,000. Ferguson Wellman Capital Management Inc. increased its stake in shares of Bank of America by 43.4% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 20,581 shares of the financial services provider’s stock worth $859,000 after acquiring an additional 6,226 shares in the last quarter. FMB Wealth Management purchased a new position in shares of Bank of America during the first quarter valued at approximately $363,000. Simon Quick Advisors LLC boosted its holdings in Bank of America by 11.8% in the first quarter. Simon Quick Advisors LLC now owns 445,157 shares of the financial services provider’s stock worth $18,576,000 after acquiring an additional 47,036 shares in the last quarter. Finally, Baker Ellis Asset Management LLC grew its position in Bank of America by 11.9% during the 1st quarter. Baker Ellis Asset Management LLC now owns 16,235 shares of the financial services provider’s stock valued at $677,000 after purchasing an additional 1,730 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.