Bank of America (NYSE:BAC) PT Lowered to $45.00 at Oppenheimer

Bank of America (NYSE:BAC) had its price objective reduced by equities researchers at Oppenheimer from $46.00 to $45.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Oppenheimer's price target would indicate a potential upside of 27.79% from the stock's previous close.

Several other research firms have also recently commented on BAC. Odeon Capital Group cut shares of Bank of America from a "buy" rating to a "hold" rating and set a $33.90 price target on the stock. in a report on Tuesday, January 16th. UBS Group reiterated a "neutral" rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, March 28th. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a "neutral" rating in a report on Wednesday, March 20th. Finally, Morgan Stanley upgraded shares of Bank of America from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $38.23.

Bank of America Stock Performance

BAC traded up $0.54 on Wednesday, hitting $35.22. 65,935,560 shares of the company traded hands, compared to its average volume of 41,550,309. The company has a 50 day moving average of $35.51 and a 200-day moving average of $32.19. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $277.87 billion, a PE ratio of 11.47, a PEG ratio of 1.64 and a beta of 1.39. Bank of America has a 12-month low of $24.96 and a 12-month high of $38.35.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analysts' expectations of $25.49 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm's revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. Sell-side analysts anticipate that Bank of America will post 3.13 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Schechter Investment Advisors LLC raised its position in shares of Bank of America by 8.2% during the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider's stock valued at $1,515,000 after buying an additional 4,187 shares during the last quarter. Eastern Bank raised its position in Bank of America by 354.5% in the third quarter. Eastern Bank now owns 119,713 shares of the financial services provider's stock worth $3,278,000 after purchasing an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC raised its position in Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider's stock worth $1,793,000 after purchasing an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC raised its position in Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider's stock worth $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Finally, Sarasin & Partners LLP acquired a new position in Bank of America in the fourth quarter worth about $673,000. 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.