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

Bank of America (NYSE:BAC) had its price objective trimmed by Oppenheimer from $46.00 to $45.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other analysts have also weighed in on BAC. Erste Group Bank raised Bank of America from a hold rating to a buy rating in a research note on Wednesday, April 3rd. Barclays increased their price objective on Bank of America from $39.00 to $43.00 and gave the company an overweight rating in a research note on Tuesday, January 2nd. Morgan Stanley upgraded Bank of America from an equal weight rating to an overweight rating and upped their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. HSBC restated a hold rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Finally, Keefe, Bruyette & Woods upped their target price on Bank of America from $33.00 to $37.00 and gave the company a market perform rating in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $38.23.

Bank of America Stock Up 1.5 %

Shares of BAC opened at $35.22 on Wednesday. The firm has a market cap of $277.87 billion, a P/E ratio of 12.19, a P/E/G ratio of 1.58 and a beta of 1.39. Bank of America has a 1 year low of $24.96 and a 1 year high of $38.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.80. The stock has a 50 day simple moving average of $35.55 and a two-hundred day simple moving average of $32.21.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 earnings per share. On average, analysts forecast that Bank of America will post 3.13 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.73%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Hedge Funds Weigh In On Bank of America

A number of institutional investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in shares of Bank of America in the fourth quarter worth $25,000. Livelsberger Financial Advisory purchased a new stake in shares of Bank of America in the fourth quarter worth $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the first quarter worth $33,000. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the third quarter worth $25,000. Finally, Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America in the fourth quarter worth $32,000. 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.