Bank of America (NYSE:BAC) Downgraded by Baird R W to Hold

Baird R W cut shares of Bank of America (NYSE:BAC) from a strong-buy rating to a hold rating in a research report sent to investors on Friday morning,Zacks.com reports.

Several other equities research analysts also recently commented on the company. Morgan Stanley upped their target price on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. Piper Sandler reduced their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Truist Financial reduced their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday. Finally, UBS Group increased their price objective on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.65.

Bank of America Trading Down 0.7%

Shares of BAC stock opened at $47.11 on Friday. The stock has a 50-day simple moving average of $43.31 and a 200 day simple moving average of $43.35. Bank of America has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock has a market capitalization of $354.85 billion, a P/E ratio of 14.02, a P/E/G ratio of 1.28 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Institutional Trading of Bank of America

Hedge funds have recently modified their holdings of the company. Brighton Jones LLC increased its stake in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after buying an additional 226,246 shares during the last quarter. Whipplewood Advisors LLC bought a new position in Bank of America during the fourth quarter worth about $57,000. Proficio Capital Partners LLC boosted its holdings in Bank of America by 7,164.3% during the fourth quarter. Proficio Capital Partners LLC now owns 890,096 shares of the financial services provider’s stock worth $39,120,000 after buying an additional 877,843 shares during the last quarter. Finally, Flputnam Investment Management Co. lifted its holdings in shares of Bank of America by 2.5% during the 4th quarter. Flputnam Investment Management Co. now owns 426,505 shares of the financial services provider’s stock valued at $18,745,000 after purchasing an additional 10,366 shares in the last quarter. 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.