Bank of America Corp. (NYSE:BAC)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued to clients and investors on Thursday, ARN reports. They currently have a $15.50 price objective on the stock. Zacks‘ target price would suggest a potential upside of 5.73% from the company’s current price.
Zacks‘ analyst wrote, “Bank of America’s third-quarter earnings came in ahead of the Zacks Consensus Estimate, aided by lower operating expenses and a significant fall in provision for credit losses. Though interest and non-interest income showed year-over-year improvement, these were not the major contributing factors. Improved credit quality across major portfolios, higher brokerage income and increased equity investment income were the other positives. However, these were partially offset by reduced mortgage banking income and a negative impact from deferred tax assets. Further, the company made significant progress in strengthening its balance sheet as reflected by improved capital ratios. After analyzing the results, we are maintaining our long term Neutral recommendation on the stock.”
A number of other firms have also recently commented on BAC. Analysts at UBS AG raised their price target on shares of Bank of America Corp. from $15.50 to $16.00 in a research note to investors on Thursday. They now have a “neutral” rating on the stock. Separately, analysts at RBC Capital reiterated an “outperform” rating on shares of Bank of America Corp. in a research note to investors on Thursday. They now have a $16.00 price target on the stock. Finally, analysts at Raymond James downgraded shares of Bank of America Corp. from a “strong-buy” rating to an “outperform” rating in a research note to investors on Thursday. They now have a $16.00 price target on the stock, down previously from $16.50. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $14.70.
Shares of Bank of America Corp. (NYSE:BAC) traded up 0.69% on Thursday, hitting $14.66. 93,906,136 shares of the company’s stock traded hands. Bank of America Corp. has a 52-week low of $8.70 and a 52-week high of $15.03. The stock has a 50-day moving average of $14.46 and a 200-day moving average of $13.21. The company has a market cap of $157.5 billion and a price-to-earnings ratio of 31.86.
Bank of America Corp. (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 16th. The company reported $0.20 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.19 by $0.01. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.11 billion. Bank of America Corp.’s revenue was up 5.3% compared to the same quarter last year. Analysts expect that Bank of America Corp. will post $0.89 EPS for the current fiscal year.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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