Cfra Research Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its target price increased by equities researchers at Cfra Research to $47.00 in a research report issued to clients and investors on Wednesday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Cfra Research’s price target points to a potential upside of 25.11% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Truist Financial cut their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday. Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $47.93.

Bank of America Trading Down 1.1 %

Shares of BAC stock traded down $0.42 on Wednesday, reaching $37.57. The company had a trading volume of 8,694,385 shares, compared to its average volume of 45,455,824. The company has a 50-day moving average of $41.85 and a 200-day moving average of $43.66. Bank of America has a 12 month low of $33.06 and a 12 month high of $48.08. The stock has a market cap of $285.61 billion, a PE ratio of 11.64, a PEG ratio of 1.21 and a beta of 1.24. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, equities analysts forecast that Bank of America will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

A number of institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors lifted its position in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Amundi grew its position in shares of Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the period. 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.