Piper Sandler Adjusts Price Target for Bank of America

Piper Sandler has lowered its price target for Bank of America (NYSE:BAC) from $50.00 to $49.00. This adjustment was announced in a research note released on Friday. Despite the reduction in the target price, Piper Sandler maintains a "neutral" rating on the stock. The new target price suggests a potential upside of about 5.96% from the last closing price of the company's shares.

In addition to Piper Sandler's update, other financial analysts have also provided insights on Bank of America's stock. For instance, Wells Fargo & Company increased its price target for Bank of America shares from $52.00 to $56.00, labeling the stock as "overweight". Meanwhile, Evercore ISI reduced its price objective from $53.00 to $51.00 with a rating of "outperform". Oppenheimer also made an upward revision, raising its price target from $54.00 to $55.00 while keeping an "outperform" rating. Furthermore, Citigroup upgraded its rating from "neutral" to "buy" and increased its target price from $46.00 to $54.00 in a recent report. Truist Financial also elevated its price objective for Bank of America from $52.00 to $53.00, rating the company as a "buy". Overall, the stock has received diverse ratings, with one analyst giving it a sell rating, six holding it, fifteen ranking it as a buy, and two providing a strong buy rating. According to MarketBeat.com, Bank of America enjoys an average rating of "Moderate Buy" and a consensus price target of approximately $48.58.

Performance of Bank of America Stock

During trading on Friday, Bank of America shares saw a slight decline of $0.40, ending the session at $46.25. The trading volume reached 23,879,823 shares, which is lower than the average volume of 37,186,727 shares. The current 50-day moving average price of the stock is $45.72, while the two-hundred day moving average price stands at $42.34. Over the past year, the stock has varied significantly, with a low of $31.40 and a high of $48.08. Currently, the market capitalization for Bank of America is $354.83 billion, with a price-to-earnings (P/E) ratio of 16.82 and a P/E/G ratio of 1.23. The company also reports a debt-to-equity ratio of 1.09 and a quick ratio as well as a current ratio of 0.80.

Recently, on January 16, Bank of America revealed its quarterly earnings results, reporting an EPS of $0.82. This figure exceeds the consensus expectation of $0.77 by $0.05. The financial entity reported a net margin of 12.48% and a return on equity of 10.09%. Revenue for that quarter was reported at $25.30 billion, beating analyst predictions of $25.12 billion. Comparing with the same period last year, revenues represented a 15.0% increase year over year. Analysts forecast Bank of America’s earnings per share to be about 3.24 for the ongoing fiscal year.

Institutional Activity in Bank of America

In terms of institutional trading, several hedge funds and investors have made adjustments to their positions in Bank of America recently. For instance, Traveka Wealth LLC increased its ownership by 2.7%, now holding 8,685 shares valued at $382,000 after acquiring an additional 226 shares. Longfellow Investment Management Co. LLC also raised its stake by 0.6%, owning 37,393 shares worth approximately $1,484,000 after buying another 227 shares. Similarly, Beacon Investment Advisory Services Inc. lifted its stake by 1.1%, now owning 20,863 shares valued at $828,000, with an additional acquisition of 231 shares. Other investors like Gemmer Asset Management LLC and Integrity Financial Corp WA also reported increases in their Bank of America holdings. Overall, institutional investors own about 70.71% of Bank of America’s stock.

Company Overview

Bank of America Corporation offers various banking and financial services through its subsidiaries. It caters to different types of clients, including individual consumers, small and middle-market businesses, institutional investors, large corporations, and government entities globally. The company operates through four key segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

BAC, Piper, Finance