Bank of America (NYSE:BAC) Given New $54.00 Price Target at Autonomous Res

Key Points

• Autonomous Res cut its price target on Bank of America from $62 to $54 and maintained a "neutral" rating, implying about a 9.4% upside from the stock's current level.
• Despite several target revisions by brokers, the analyst consensus remains a Moderate Buy with a $59.20 average target and 23 Buy ratings versus 5 Holds.
• Insiders have sold roughly 227,832 shares (~$11.1M) in the past three months; BAC trades near $49.37 with a market cap of $352.8B and a P/E of 12.89.

Bank of America (NYSE:BAC) had its price objective cut by Autonomous Res from $62.00 to $54.00 in a note issued to investors on Monday,MarketScreener reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. Autonomous Res' price target indicates a potential upside of 9.39% from the company's current price.

Other equities research analysts have also recently issued reports about the company. TD Cowen decreased their price objective on Bank of America from $66.00 to $64.00 and set a "buy" rating for the company in a research note on Thursday, January 15th. Morgan Stanley reduced their target price on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Oppenheimer lowered their price target on Bank of America from $63.00 to $58.00 and set an "outperform" rating for the company in a research note on Friday, March 27th. Barclays increased their price target on shares of Bank of America from $59.00 to $71.00 and gave the company an "overweight" rating in a research report on Monday, January 5th. Finally, Truist Financial lowered their target price on shares of Bank of America from $62.00 to $60.00 and set a "buy" rating for the company in a research note on Thursday, January 15th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.20.

Bank of America Trading Down 0.0%

BAC stock opened at $49.37 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America has a twelve month low of $33.06 and a twelve month high of $57.55. The company has a market cap of $352.75 billion, a P/E ratio of 12.89, a PEG ratio of 1.20 and a beta of 1.23. The business has a fifty day moving average of $50.68 and a 200-day moving average of $52.22.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $27.73 billion. During the same period last year, the company earned $0.82 earnings per share. The company's revenue was up 12.3% on a year-over-year basis. As a group, equities research analysts expect that Bank of America will post 3.7 EPS for the current year.

Insider Activity at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 94,000 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares in the company, valued at approximately $7,988,436.96. This trade represents a 35.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares of the company's stock, valued at approximately $15,362,000. The trade was a 21.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 227,832 shares of company stock valued at $11,094,960. 0.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DecisionMap Wealth Management LLC raised its stake in Bank of America by 4.7% during the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock valued at $223,000 after buying an additional 182 shares during the last quarter. Money Concepts Capital Corp increased its position in Bank of America by 3.8% during the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock valued at $273,000 after acquiring an additional 182 shares during the last quarter. Holistic Financial Partners lifted its holdings in Bank of America by 2.4% in the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock valued at $434,000 after acquiring an additional 183 shares during the period. Operose Advisors LLC lifted its holdings in Bank of America by 0.9% in the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after acquiring an additional 185 shares during the period. Finally, Asahi Life Asset Management CO. LTD. boosted its position in Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after purchasing an additional 187 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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