Bank of America (NYSE:BAC) Cut to “Market Perform” at Wolfe Research

Wolfe Research downgraded shares of Bank of America (NYSE:BAC) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday, Briefing.com Automated Import reports.

Other analysts have also recently issued reports about the company. Deutsche Bank cut their price target on Bank of America from $33.00 to $25.00 and set a hold rating on the stock in a research note on Wednesday. UBS Group downgraded Bank of America from a buy rating to a neutral rating and upped their price target for the company from $34.00 to $36.00 in a report on Monday, January 6th. ValuEngine upgraded shares of Bank of America from a sell rating to a hold rating in a research report on Wednesday, March 11th. Morgan Stanley dropped their target price on shares of Bank of America from $38.00 to $35.00 and set an overweight rating on the stock in a research report on Monday, March 2nd. Finally, Robert W. Baird raised shares of Bank of America from a neutral rating to an outperform rating and set a $34.00 price target for the company in a research report on Tuesday, March 17th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $33.00.

BAC stock traded down $1.12 during mid-day trading on Wednesday, reaching $21.60. The company had a trading volume of 91,415,617 shares, compared to its average volume of 136,543,616. Bank of America has a fifty-two week low of $17.95 and a fifty-two week high of $35.72. The company has a market capitalization of $198.23 billion, a price-to-earnings ratio of 7.88, a price-to-earnings-growth ratio of 1.13 and a beta of 1.63. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a fifty day simple moving average of $28.20 and a 200 day simple moving average of $31.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The company had revenue of $22.30 billion during the quarter, compared to the consensus estimate of $22.30 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, analysts predict that Bank of America will post 2.87 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 6th were given a $0.18 dividend. The ex-dividend date was Thursday, March 5th. This represents a $0.72 dividend on an annualized basis and a yield of 3.33%. Bank of America’s payout ratio is currently 24.49%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Americana Partners LLC acquired a new position in Bank of America during the fourth quarter worth about $476,000. Capital Square LLC acquired a new stake in shares of Bank of America in the 4th quarter worth approximately $323,000. NS Partners Ltd increased its stake in Bank of America by 2.6% in the 4th quarter. NS Partners Ltd now owns 434,527 shares of the financial services provider’s stock valued at $15,304,000 after purchasing an additional 10,812 shares in the last quarter. Loews Corp raised its holdings in Bank of America by 1.9% during the fourth quarter. Loews Corp now owns 333,941 shares of the financial services provider’s stock worth $11,761,000 after purchasing an additional 6,360 shares during the last quarter. Finally, Altavista Wealth Management Inc. boosted its position in Bank of America by 1.2% during the fourth quarter. Altavista Wealth Management Inc. now owns 65,314 shares of the financial services provider’s stock worth $2,300,000 after purchasing an additional 775 shares in the last quarter. 71.53% of the stock is owned by institutional investors and hedge funds.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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