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The Goldman Sachs Group Cuts Financial institution of America (NYSE:BAC) Value Goal to $40.00

ByEditorialTeam

Oct 4, 2022

Financial institution of America (NYSE:BAC) had its goal worth lowered by equities researchers at The Goldman Sachs Group from $42.00 to $40.00 in a analysis notice issued to buyers on Tuesday, Inventory Goal Advisor stories. The brokerage presently has a “purchase” score on the monetary providers supplier’s inventory. The Goldman Sachs Group’s worth goal factors to a possible upside of 23.88% from the corporate’s present worth.

Different equities analysts have additionally just lately issued stories concerning the firm. Deutsche Financial institution Aktiengesellschaft reduce their worth goal on Financial institution of America from $51.00 to $45.00 and set a “purchase” score for the corporate in a report on Monday, September twelfth. Credit score Suisse Group reduce their worth goal on Financial institution of America from $45.00 to $43.00 and set an “outperform” score for the corporate in a report on Tuesday, July nineteenth. Piper Sandler reduce their worth goal on Financial institution of America from $51.00 to $47.00 and set an “chubby” score for the corporate in a report on Friday, July 1st. Jefferies Monetary Group reduce their worth goal on Financial institution of America from $43.00 to $33.00 in a report on Monday, July eleventh. Lastly, Royal Financial institution of Canada dropped their goal worth on Financial institution of America from $45.00 to $40.00 in a analysis notice on Tuesday, July nineteenth. Six equities analysis analysts have rated the inventory with a maintain score and twelve have assigned a purchase score to the inventory. Based on information from MarketBeat, Financial institution of America at present has a median score of “Average Purchase” and a median worth goal of $46.00.

Financial institution of America Inventory Efficiency

Shares of BAC inventory traded up $1.20 throughout noon buying and selling on Tuesday, hitting $32.29. The corporate had a buying and selling quantity of 567,240 shares, in comparison with its common quantity of 39,167,392. The corporate’s 50 day easy shifting common is $33.82 and its 200 day easy shifting common is $35.25. Financial institution of America has a 52-week low of $29.67 and a 52-week excessive of $50.11. The inventory has a market cap of $259.46 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 1.35 and a beta of 1.36. The corporate has a debt-to-equity ratio of 1.15, a present ratio of 0.74 and a fast ratio of 0.74.

Financial institution of America (NYSE:BACGet Ranking) final posted its quarterly earnings outcomes on Monday, July 18th. The monetary providers supplier reported $0.73 earnings per share for the quarter, lacking analysts’ consensus estimates of $0.77 by ($0.04). The enterprise had income of $22.69 billion in the course of the quarter, in comparison with analysts’ expectations of $22.79 billion. Financial institution of America had a web margin of 28.89% and a return on fairness of 11.51%. The agency’s quarterly income was up 5.7% in comparison with the identical quarter final 12 months. Throughout the identical quarter final 12 months, the agency earned $1.03 earnings per share. Analysis analysts anticipate that Financial institution of America will publish 3.2 earnings per share for the present fiscal 12 months.

Institutional Buying and selling of Financial institution of America

Plenty of hedge funds have just lately modified their holdings of BAC. Bromfield Sneider Wealth Advisors bought a brand new stake in shares of Financial institution of America in the course of the first quarter price $26,000. Corbenic Companions LLC raised its holdings in shares of Financial institution of America by 201.9% in the course of the first quarter. Corbenic Companions LLC now owns 631 shares of the monetary providers supplier’s inventory price $26,000 after buying an extra 422 shares within the final quarter. Oliver Lagore Vanvalin Funding Group bought a brand new stake in shares of Financial institution of America in the course of the first quarter price $26,000. Capital Administration Associates NY bought a brand new stake in shares of Financial institution of America in the course of the first quarter price $31,000. Lastly, Richelieu Gestion PLC bought a brand new stake in shares of Financial institution of America in the course of the second quarter price $27,000. Hedge funds and different institutional buyers personal 68.48% of the corporate’s inventory.

About Financial institution of America

(Get Ranking)

Financial institution of America Company, via its subsidiaries, offers banking and monetary services and products for particular person customers, small and middle-market companies, institutional buyers, giant companies, and governments worldwide. Its Client Banking section affords conventional and cash market financial savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and funding accounts and merchandise; and credit score and debit playing cards, residential mortgages, and residential fairness loans, in addition to direct and oblique loans, resembling automotive, leisure car, and client private loans.

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Analyst Recommendations for Bank of America (NYSE:BAC)

This instantaneous information alert was generated by narrative science know-how and monetary information from MarketBeat in an effort to present readers with the quickest and most correct reporting. This story was reviewed by MarketBeat’s editorial crew previous to publication. Please ship any questions or feedback about this story to [email protected]

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