Log Out

Bank of America (NYSE:BAC) Downgraded to "Neutral" at Atlantic Securities

Financial News Live · Feb 4, 2023 02:32

Atlantic Securities lowered shares of Bank of America (NYSE:BAC) from an overweight rating to a neutral rating in a report issued on Tuesday morning, Marketbeat Ratings reports. They currently have $40.00 price target on the financial services provider's stock.

BAC has been the subject of several other reports. Odeon Capital Group upgraded shares of Bank of America from a hold rating to a buy rating and set a $38.44 price objective for the company in a report on Tuesday, January 10th. JPMorgan Chase & Co. boosted their price objective on Bank of America from $35.50 to $39.00 in a research note on Wednesday, November 2nd. Deutsche Bank Aktiengesellschaft cut Bank of America from a buy rating to a hold rating and decreased their target price for the company from $45.00 to $36.00 in a research note on Friday, January 6th. Barclays dropped their price target on shares of Bank of America from $51.00 to $48.00 and set an overweight rating on the stock in a research report on Tuesday, January 3rd. Finally, Oppenheimer reduced their price objective on shares of Bank of America from $51.00 to $50.00 and set an outperform rating for the company in a research report on Tuesday, January 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $40.88.

Get Bank of America alerts:

Bank of America Stock Up 0.8 %

BAC opened at $36.43 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.78 and a quick ratio of 0.77. Bank of America has a 12 month low of $29.31 and a 12 month high of $50.11. The stock's 50 day moving average price is $34.07 and its 200 day moving average price is $34.23. The stock has a market cap of $292.26 billion, a P/E ratio of 11.52, a P/E/G ratio of 1.47 and a beta of 1.38.

Bank of America (NYSE:BAC – Get Rating) last issued its quarterly earnings data on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.06. The business had revenue of $24.50 billion for the quarter, compared to analysts' expectations of $24.17 billion. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The company's revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.82 earnings per share. As a group, research analysts predict that Bank of America will post 3.49 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 3rd will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $0.88 annualized dividend and a yield of 2.42%. Bank of America's dividend payout ratio (DPR) is presently 27.59%.

Insider Activity

In related news, major shareholder Of America Corp /De/ Bank sold 4 shares of the business's stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $23,750.00, for a total transaction of $95,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Institutional Trading of Bank of America

A number of institutional investors have recently bought and sold shares of BAC. Legend Financial Advisors Inc. lifted its stake in Bank of America by 6,772.7% in the fourth quarter. Legend Financial Advisors Inc. now owns 756 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 745 shares during the last quarter. Richelieu Gestion PLC bought a new stake in Bank of America in the second quarter worth $27,000. Truvestments Capital LLC acquired a new position in Bank of America during the second quarter worth $29,000. Avondale Wealth Management bought a new position in Bank of America during the third quarter valued at about $30,000. Finally, Moisand Fitzgerald Tamayo LLC lifted its position in shares of Bank of America by 180.0% in the second quarter. Moisand Fitzgerald Tamayo LLC now owns 1,008 shares of the financial services provider's stock worth $31,000 after buying an additional 648 shares during the last quarter. Institutional investors and hedge funds own 68.34% of the company's stock.

Bank of America Company Profile

(Get Rating)

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.