Analysts Set Bank of America Co. (NYSE:BAC) Target Price at $47.43

Shares of Bank of America Co. (NYSE:BAC) have been assigned an average rating of “Moderate Buy” from the twenty-five brokerages that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, fifteen have issued a buy recommendation and four have given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $47.43.

BAC has been the subject of several recent analyst reports. Oppenheimer lifted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Barclays lowered their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Piper Sandler decreased their price target on 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. Citigroup dropped their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Finally, Keefe, Bruyette & Woods decreased their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th.

Hedge Funds Weigh In On Bank of America

Large investors have recently made changes to their positions in the business. Collier Financial bought a new position in Bank of America in the 4th quarter worth approximately $25,000. Life Planning Partners Inc boosted its position 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 worth $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC purchased a new position in Bank of America during the fourth quarter valued at $25,000. Fairway Wealth LLC bought a new stake in Bank of America in the 4th quarter valued at $29,000. Finally, Vega Investment Solutions purchased a new stake in Bank of America in the 4th quarter worth $30,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $39.67 on Monday. Bank of America has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $301.60 billion, a P/E ratio of 12.32, a PEG ratio of 1.21 and a beta of 1.24. The stock’s 50 day moving average is $40.48 and its 200 day moving average is $43.55.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, equities research analysts predict that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.62%. Bank of America’s payout ratio is presently 30.95%.

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.