Bank of America (NYSE:BAC) has been given a “neutral” rating by Piper Sandler Companies

Piper Sandler Companies Raises Share Rating Bank of America (NYSE:BAC) from an underweight rating to a neutral rating in a research report issued on Tuesday morning, BayStreet.CA reports. The firm now has a $42.00 target price on shares of the financial services provider, up from the previous target price of $37.00.

BAC has been the subject of numerous other reports. JPMorgan Chase & Co. raised their price target on shares of Bank of America from $39.50 to $40.50 and gave the company an overweight rating in a research note on Wednesday, May 1. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (previously $38.00) on shares of Bank of America in a report on Thursday, March 28. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and raised their price target on the stock from $37.00 to $46.00 in a research note on Friday, June 14. Finally, Citigroup raised their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a neutral rating in a research note on Wednesday, March 20. One analyst rated the stock a sell, eight rated it a hold, eleven rated it a buy, and one gave the stock a strong buy rating. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $40.41.

Check out our latest analysis for BAC stock

Bank of America Stock Performance

BAC shares opened at $41.42 on Tuesday. The company has a current ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America has a 12-month low of $24.96 and a 12-month high of $41.83. The company’s 50 day moving average is $39.32, and its two-hundred day moving average is $36.48. The company has a market capitalization of $323.92 billion, a P/E ratio of 14.33, a P/E/G ratio of 1.54 and a beta of 1.35.

Bank of America (NYSE:BAC – Get Free Report) last announced its financial results on Tuesday, April 16. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analysts’ estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% year over year. In the same quarter last year, the company reported $0.94 earnings per share. Analysts are expecting Bank of America to report earnings per share of $3.22 for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28. Investors of record on Friday, June 7 received a dividend of $0.24. The ex-dividend date for this dividend was Friday, June 7. This represents an annual dividend of $0.96 and a yield of 2.32%. Bank of America’s Dividend Payout Ratio (DPR) is currently 33.22%.

Institutional inflows and outflows

Several hedge funds have recently bought and sold stocks. Ethos Financial Group LLC increased its position in Bank of America by 6.2% in the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 492 shares during the period. Auxano Advisors LLC increased its holdings in shares of Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after purchasing an additional 19,179 shares during the period. Kingswood Wealth Advisors LLC increased its holdings in Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after acquiring an additional 46,950 shares during the last quarter. DiNuzzo Private Wealth Inc. acquired a new position in Bank of America during the fourth quarter worth approximately $105,000. Finally, Concord Wealth Partners increased its position in Bank of America by 10.2% during the fourth quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock valued at $1,861,000 after acquiring an additional 5,103 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Company Profile

(Download the free report)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individual consumers, small and medium-sized businesses, institutional investors, large corporations and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets.

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