Daiwa Capital Markets Lowers Bank of America (BAC) to Market Perform

Bank of America (NYSE:BAC) was downgraded by equities research analysts at Daiwa Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued on Friday, The Fly reports.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Co set a $36.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, January 16th. Edward Jones upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, January 9th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 target price on the stock in a research report on Tuesday, January 8th. Jefferies Financial Group reiterated a “buy” rating on shares of Bank of America in a research report on Tuesday, January 8th. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research report on Monday, January 21st. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Bank of America currently has an average rating of “Hold” and an average price target of $33.18.

NYSE:BAC traded up $0.04 during mid-day trading on Friday, hitting $28.28. 2,712,032 shares of the company’s stock were exchanged, compared to its average volume of 71,510,744. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America has a fifty-two week low of $22.66 and a fifty-two week high of $33.05. The company has a market cap of $289.28 billion, a PE ratio of 10.84, a P/E/G ratio of 1.26 and a beta of 1.45.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. The business had revenue of $22.89 billion for the quarter, compared to the consensus estimate of $22.37 billion. During the same period last year, the company earned $0.48 EPS. The firm’s revenue was up 10.7% compared to the same quarter last year. Equities research analysts expect that Bank of America will post 2.85 EPS for the current year.

Several large investors have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its stake in Bank of America by 2,345.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 57,933,075 shares of the financial services provider’s stock valued at $2,351,000 after purchasing an additional 55,563,977 shares in the last quarter. PGGM Investments purchased a new stake in Bank of America during the fourth quarter valued at about $128,471,000. Matthew Goff Investment Advisor LLC lifted its holdings in Bank of America by 2,719.0% during the third quarter. Matthew Goff Investment Advisor LLC now owns 5,310,836 shares of the financial services provider’s stock valued at $188,394,000 after purchasing an additional 5,122,442 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Bank of America by 183.4% during the third quarter. SG Americas Securities LLC now owns 1,872,374 shares of the financial services provider’s stock valued at $55,160,000 after purchasing an additional 4,117,908 shares during the last quarter. Finally, Eaton Vance Management lifted its holdings in Bank of America by 32.4% during the fourth quarter. Eaton Vance Management now owns 16,638,057 shares of the financial services provider’s stock valued at $409,962,000 after purchasing an additional 4,071,262 shares during the last quarter. Institutional investors own 64.32% 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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