Bank of America (NYSE:BAC) Stock Rating Lowered by Hsbc Global Res

Bank of America (NYSE:BAC) was downgraded by stock analysts at Hsbc Global Res from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

Other analysts have also issued reports about the company. Argus dropped their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Evercore ISI decreased their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. UBS Group boosted their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Morgan Stanley upped their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Finally, Cfra Research lifted their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.33.

Bank of America Price Performance

Shares of NYSE BAC opened at $47.17 on Tuesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market capitalization of $355.28 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.32 and a beta of 1.30. The firm's 50 day simple moving average is $44.60 and its 200-day simple moving average is $43.50. Bank of America has a 12 month low of $33.07 and a 12 month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Analysts expect that Bank of America will post 3.7 EPS for the current year.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Brighton Jones LLC increased its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG grew its stake in shares of Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after buying an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Bank of America by 65.3% in the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock valued at $890,000 after buying an additional 7,999 shares during the period. Net Worth Advisory Group raised its holdings in shares of Bank of America by 78.1% in the 4th quarter. Net Worth Advisory Group now owns 10,409 shares of the financial services provider's stock valued at $457,000 after buying an additional 4,566 shares during the period. Finally, Natural Investments LLC acquired a new position in Bank of America during the 4th quarter worth about $741,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.

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