Deutsche Bank Trims Bank of America (NYSE:BAC) Target Price to $25.00

Bank of America (NYSE:BAC) had its target price trimmed by Deutsche Bank from $33.00 to $25.00 in a research note published on Wednesday morning, The Fly reports. The firm currently has a hold rating on the financial services provider’s stock.

Several other equities research analysts also recently issued reports on the company. Citigroup decreased their price target on Bank of America from $37.00 to $30.00 and set a neutral rating for the company in a report on Tuesday, March 10th. Credit Suisse Group upped their target price on shares of Bank of America from $38.00 to $39.00 and gave the stock an outperform rating in a research note on Thursday, January 16th. Morgan Stanley dropped their price target 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. Atlantic Securities cut shares of Bank of America from an overweight rating to a neutral rating and set a $36.00 price target on the stock. in a report on Tuesday, January 21st. Finally, BMO Capital Markets lowered shares of Bank of America from an outperform rating to a market perform rating and set a $37.00 price objective for the company. in a research note on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $33.00.

Shares of NYSE BAC traded down $1.12 during mid-day trading on Wednesday, reaching $21.60. 91,415,617 shares of the company’s stock traded hands, compared to its average volume of 136,543,616. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.90. The business has a 50-day simple moving average of $28.20 and a 200 day simple moving average of $31.34. The stock has a market cap of $198.23 billion, a P/E ratio of 7.88, a PEG ratio of 1.13 and a beta of 1.63. Bank of America has a 1-year low of $17.95 and a 1-year high of $35.72.

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

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sowa Financial Group Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at $116,000. Quadrant Capital Group LLC increased its position in shares of Bank of America by 7.6% during the fourth quarter. Quadrant Capital Group LLC now owns 123,898 shares of the financial services provider’s stock valued at $4,330,000 after buying an additional 8,768 shares during the period. Tempus Wealth Planning LLC purchased a new stake in shares of Bank of America in the fourth quarter worth about $1,087,000. Wealth Advisors Inc. purchased a new stake in shares of Bank of America in the fourth quarter worth about $1,010,000. Finally, TFG Advisers LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $248,000. 71.53% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Company Profile

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.

Read More: Net Asset Value

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Analyst Recommendations for Bank of America (NYSE:BAC)

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