Bank of America (NYSE:BAC) Given New $43.50 Price Target at JPMorgan Chase & Co.

Bank of America (NYSE:BAC) had its target price lowered by JPMorgan Chase & Co. from $49.50 to $43.50 in a report released on Thursday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other equities analysts also recently commented on the company. Piper Sandler lowered their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup lowered their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Finally, Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Stock Performance

Shares of BAC opened at $37.21 on Thursday. The firm has a market cap of $282.89 billion, a price-to-earnings ratio of 11.56, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company’s fifty day moving average is $43.99 and its 200-day moving average is $43.91. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America has a 12 month low of $34.15 and a 12 month high of $48.08.

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

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.80%. Bank of America’s dividend payout ratio is currently 32.30%.

Institutional Investors Weigh In On Bank of America

Several large investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of 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 buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Bank of America during the 4th quarter valued at $60,679,000. Arizona State Retirement System raised its position in Bank of America by 0.5% in 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 boosted its stake in Bank of America by 1.1% in the fourth 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Bank of America by 0.7% during 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. 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.