Bank of America (NYSE:BAC) Price Target Lowered to $55.00 at Oppenheimer

Bank of America (NYSE:BAC) had its target price decreased by stock analysts at Oppenheimer from $57.00 to $55.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Oppenheimer's target price would indicate a potential upside of 16.21% from the stock's previous close.

A number of other research firms also recently commented on BAC. Cfra Research boosted their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Morgan Stanley boosted their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. Cowen began coverage on Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. The Goldman Sachs Group boosted their price objective on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Finally, JPMorgan Chase & Co. reduced their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $49.55.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.31 during mid-day trading on Thursday, reaching $47.33. The stock had a trading volume of 48,220,966 shares, compared to its average volume of 40,554,241. The company has a current ratio of 0.80, a quick ratio of 0.78 and a debt-to-equity ratio of 1.14. The company has a market cap of $356.48 billion, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. Bank of America has a 1 year low of $33.07 and a 1 year high of $49.31. The business's 50 day moving average price is $45.42 and its 200 day moving average price is $43.62.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.83 earnings per share. Research analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Institutional Trading of Bank of America

A number of large investors have recently modified their holdings of BAC. Geode Capital Management LLC lifted its holdings in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after buying an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the period. Norges Bank purchased a new stake in shares of Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors lifted its holdings in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. Hedge funds and other 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.