Bank of America (NYSE:BAC) Price Target Raised to $53.00

Bank of America (NYSE:BAC) had its price objective increased by Truist Financial from $52.00 to $53.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Several other analysts also recently weighed in on BAC. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Oppenheimer dropped their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Finally, Evercore ISI reduced their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Down 0.2 %

BAC opened at $46.54 on Friday. Bank of America has a 52 week low of $31.40 and a 52 week high of $48.08. The business has a 50 day moving average price of $45.79 and a two-hundred day moving average price of $42.43. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $357.13 billion, a PE ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America will post 3.24 EPS for the current year.

Institutional Trading of Bank of America

A number of large investors have recently made changes to their positions in BAC. Edgestream Partners L.P. acquired a new stake in shares of Bank of America during the 2nd quarter worth about $257,000. Ieq Capital LLC lifted its stake in shares of Bank of America by 17.2% during the second quarter. Ieq Capital LLC now owns 305,830 shares of the financial services provider’s stock valued at $12,163,000 after buying an additional 44,821 shares during the period. GM Advisory Group LLC boosted its position in Bank of America by 1.3% during the second quarter. GM Advisory Group LLC now owns 35,567 shares of the financial services provider’s stock worth $1,414,000 after acquiring an additional 446 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Bank of America by 7.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock worth $3,887,000 after acquiring an additional 6,385 shares during the last quarter. Finally, Callan Capital LLC grew its stake in Bank of America by 8.1% in the 2nd quarter. Callan Capital LLC now owns 26,871 shares of the financial services provider’s stock worth $1,069,000 after acquiring an additional 2,019 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Company Profile

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.