Bank of America (NYSE:BAC) Price Target Raised to $46.00

Bank of America (NYSE:BAC) had its price target upped by equities researchers at Oppenheimer from $45.00 to $46.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price objective indicates a potential upside of 24.49% from the stock’s previous close.

Several other research analysts have also recently issued reports on BAC. HSBC reissued a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $38.70.

Bank of America Trading Down 0.2 %

Shares of NYSE BAC opened at $36.95 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business’s 50 day moving average price is $36.33 and its 200-day moving average price is $32.98. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The company has a market cap of $291.56 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.68 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, sell-side analysts expect that Bank of America will post 3.19 earnings per share for the current year.

Institutional Trading of Bank of America

A number of institutional investors have recently made changes to their positions in the business. Joel Isaacson & Co. LLC boosted its position in shares of Bank of America by 0.3% in the 1st quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock worth $4,115,000 after purchasing an additional 294 shares in the last quarter. CKW Financial Group raised its stake in Bank of America by 1.5% in the 1st quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock worth $753,000 after acquiring an additional 300 shares during the last quarter. Rossmore Private Capital raised its stake in Bank of America by 1.2% in the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after acquiring an additional 303 shares during the last quarter. Chemistry Wealth Management LLC raised its stake in Bank of America by 0.3% in the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after acquiring an additional 310 shares during the last quarter. Finally, Regent Peak Wealth Advisors LLC raised its stake in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 314 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

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