Bank of America (NYSE:BAC) Sets New 1-Year Low Following Analyst Downgrade

Shares of Bank of America Co. (NYSE:BAC) hit a new 52-week low during trading on Friday after Truist Financial lowered their price target on the stock from $53.00 to $50.00. Truist Financial currently has a buy rating on the stock. Bank of America traded as low as $33.67 and last traded at $34.46, with a volume of 34012220 shares. The stock had previously closed at $37.22.

BAC has been the topic of several other reports. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. JPMorgan Chase & Co. dropped their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.31.

Institutional Trading of Bank of America

Institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. raised its stake in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares during the period. Edgestream Partners L.P. increased its holdings in Bank of America by 221.3% during the 3rd quarter. Edgestream Partners L.P. now owns 20,734 shares of the financial services provider’s stock worth $823,000 after purchasing an additional 14,281 shares in the last quarter. Janus Henderson Group PLC raised its position in Bank of America by 0.8% in the 3rd quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider’s stock valued at $43,268,000 after buying an additional 9,137 shares during the last quarter. Morse Asset Management Inc purchased a new stake in shares of Bank of America in the third quarter valued at about $306,000. Finally, Redwood Grove Capital LLC lifted its position in shares of Bank of America by 17.3% during the third quarter. Redwood Grove Capital LLC now owns 428,207 shares of the financial services provider’s stock valued at $16,991,000 after purchasing an additional 63,307 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 7.5 %

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s fifty day moving average is $43.99 and its two-hundred day moving average is $43.91. The firm has a market capitalization of $261.82 billion, a PE ratio of 10.70, a PEG ratio of 1.21 and a beta of 1.32.

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

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.02%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

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.