Bank of America (NYSE:BAC) had its price objective decreased by Evercore from $70.00 to $61.00 in a research report released on Friday morning,MarketScreener reports. Evercore currently has an outperform rating on the financial services provider’s stock.
BAC has been the subject of several other reports. UBS Group raised their price objective on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Daiwa Securities Group raised their price objective on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. TD Cowen reduced their price objective on Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. Piper Sandler raised their price objective on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Finally, HSBC raised their target price on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.06.
Read Our Latest Research Report on BAC
Bank of America Stock Performance
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. As a group, equities analysts predict that Bank of America will post 4.46 EPS for the current fiscal year.
Bank of America Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.
Insiders Place Their Bets
In other news, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Thomas M. Scrivener sold 50,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares of the company’s stock, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is currently owned by corporate insiders.
Institutional Trading of Bank of America
Several hedge funds and other institutional investors have recently modified their holdings of BAC. Brighton Jones LLC raised its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after acquiring an additional 6,174 shares in the last quarter. Jump Financial LLC raised its holdings in shares of Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after acquiring an additional 18,227 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in shares of Bank of America during the second quarter worth $1,396,000. Finally, Vivaldi Capital Management LP raised its holdings in shares of Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after acquiring an additional 355 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America News Roundup
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
- Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
- Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
- Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title
About Bank of America
Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.
Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.
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