Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $45.00

Bank of America (NYSE:BAC) had its target price reduced by stock analysts at Oppenheimer from $46.00 to $45.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price indicates a potential upside of 27.23% from the stock’s previous close.

BAC has been the subject of several other research reports. Citigroup raised their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Jefferies Financial Group raised their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. UBS Group reissued a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Wells Fargo & Company raised their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. One 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $38.23.

Bank of America Stock Up 2.0 %

Shares of NYSE BAC traded up $0.69 on Wednesday, reaching $35.37. 47,300,509 shares of the company’s stock traded hands, compared to its average volume of 41,236,453. Bank of America has a 12 month low of $24.96 and a 12 month high of $38.35. The business’s 50 day simple moving average is $35.51 and its two-hundred day simple moving average is $32.19. The company has a market cap of $279.09 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the firm earned $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America will post 3.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Moneta Group Investment Advisors LLC lifted its stake in shares of Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after buying an additional 192,989,515 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of America during the 4th quarter valued at $3,734,407,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after buying an additional 1,397,469 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Bank of America by 24.3% during the 4th quarter. Legal & General Group Plc now owns 57,183,411 shares of the financial services provider’s stock valued at $1,925,365,000 after buying an additional 11,187,352 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.