Citigroup Cuts Bank of America (NYSE:BAC) Price Target to $50.00

Bank of America (NYSE:BAC) had its target price decreased by Citigroup from $54.00 to $50.00 in a report published on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on BAC. Keefe, Bruyette & Woods upped their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Truist Financial boosted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Stock Performance

Shares of BAC stock opened at $42.81 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $325.45 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America has a one year low of $34.15 and a one year high of $48.08. The company’s 50-day moving average is $44.63 and its 200 day moving average is $43.86.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.70 earnings per share. Sell-side analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.43%. Bank of America’s dividend payout ratio is currently 32.30%.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after acquiring an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America during the 4th quarter valued at approximately $60,679,000. Arizona State Retirement System grew its holdings in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH raised its position in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. Hedge funds and other 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.