StockNews.com Downgrades Bank of America (NYSE:BAC) to Sell

Bank of America (NYSE:BAC) was downgraded by equities researchers at StockNews.com from a "hold" rating to a "sell" rating in a research note issued on Thursday.

BAC has been the subject of several other research reports. UBS Group increased 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, April 16th. Piper Sandler decreased their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Argus dropped their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Cowen initiated coverage on Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Stock Down 0.2%

NYSE:BAC traded down $0.08 during mid-day trading on Thursday, hitting $43.17. The company had a trading volume of 7,043,948 shares, compared to its average volume of 39,671,421. The business has a fifty day simple moving average of $40.27 and a 200-day simple moving average of $43.59. The firm has a market capitalization of $325.12 billion, a price-to-earnings ratio of 13.41, a PEG ratio of 1.21 and a beta of 1.27. Bank of America has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities analysts forecast that Bank of America will post 3.7 earnings per share for the current fiscal year.

Institutional Trading of Bank of America

Several institutional investors have recently added to or reduced their stakes in the business. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc grew its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions bought a new stake in shares of Bank of America in the 4th quarter worth approximately $30,000. Institutional investors 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.

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