Royal Bank of Canada Cuts Bank of America (NYSE:BAC) Price Target to $45.00

Bank of America (NYSE:BAC) had its price target dropped by equities researchers at Royal Bank of Canada from $50.00 to $45.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 18.81% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Truist Financial decreased their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Robert W. Baird upgraded 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. Keefe, Bruyette & Woods lowered their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.20.

Bank of America Stock Performance

NYSE:BAC traded down $0.11 during trading hours on Wednesday, reaching $37.88. 15,177,997 shares of the stock were exchanged, compared to its average volume of 39,303,266. Bank of America has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $287.96 billion, a P/E ratio of 11.75, a P/E/G ratio of 1.21 and a beta of 1.24. The firm has a 50 day simple moving average of $41.85 and a 200-day simple moving average of $43.66.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during 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 forecast that Bank of America will post 3.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bank of America

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