Evercore Has Lowered Expectations for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective lowered by stock analysts at Evercore from $59.00 to $55.00 in a note issued to investors on Monday,MarketScreener reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Evercore’s price target would suggest a potential upside of 11.41% from the company’s previous close.

BAC has been the subject of a number of other research reports. Piper Sandler raised their price objective on Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, January 15th. Wells Fargo & Company raised their price target on Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Jefferies Financial Group began coverage on shares of Bank of America in a research report on Thursday, March 26th. They set a “buy” rating and a $60.00 target price on the stock. Barclays raised their price target on Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Finally, The Goldman Sachs Group lowered their target price on shares of Bank of America from $67.00 to $57.00 and set a “buy” rating for the company in a report on Monday, March 23rd. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.20.

Bank of America Trading Down 0.0%

Shares of NYSE:BAC opened at $49.37 on Monday. The firm has a market cap of $352.75 billion, a P/E ratio of 12.89, a P/E/G ratio of 1.20 and a beta of 1.23. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America has a twelve month low of $33.06 and a twelve month high of $57.55. The company has a 50 day moving average of $50.68 and a 200-day moving average of $52.22.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $27.73 billion. During the same period in the previous year, the firm earned $0.82 EPS. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, analysts anticipate that Bank of America will post 3.7 earnings per share for the current fiscal year.

Insider Transactions at Bank of America

In related news, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James P. Demare sold 83,832 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the transaction, the insider directly owned 307,240 shares in the company, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 227,832 shares of company stock valued at $11,094,960. 0.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bank of America

Several large investors have recently added to or reduced their stakes in BAC. Abound Financial LLC purchased a new stake in Bank of America during the fourth quarter valued at about $26,000. Wiser Advisor Group LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $27,000. Steph & Co. increased its stake in Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 379 shares during the last quarter. Legacy Bridge LLC increased its position in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares during the last quarter. Finally, Marquette Asset Management LLC bought a new position in Bank of America during the third quarter valued at approximately $30,000. Institutional investors own 70.71% of the company’s stock.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.