Bank of America (NYSE:BAC) Price Target Raised to $55.00

Bank of America (NYSE:BAC) had its target price upped by Oppenheimer from $54.00 to $55.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also weighed in on BAC. Piper Sandler boosted their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $48.00 to $55.00 in a report on Monday, December 9th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

Shares of BAC stock opened at $46.54 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. Bank of America has a one year low of $31.40 and a one year high of $48.08. The company’s 50-day moving average is $45.79 and its 200 day moving average is $42.43.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 EPS. Sell-side analysts expect that Bank of America will post 3.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently bought and sold shares of BAC. Edgestream Partners L.P. bought a new position in Bank of America during the second quarter valued at approximately $257,000. Ieq Capital LLC raised its holdings in shares of Bank of America by 17.2% during the 2nd quarter. Ieq Capital LLC now owns 305,830 shares of the financial services provider’s stock worth $12,163,000 after acquiring an additional 44,821 shares in the last quarter. GM Advisory Group LLC boosted its position in shares of Bank of America by 1.3% during the 2nd quarter. GM Advisory Group LLC now owns 35,567 shares of the financial services provider’s stock valued at $1,414,000 after acquiring an additional 446 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Bank of America by 7.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock valued at $3,887,000 after purchasing an additional 6,385 shares in the last quarter. Finally, Callan Capital LLC increased its position in Bank of America by 8.1% in the second quarter. Callan Capital LLC now owns 26,871 shares of the financial services provider’s stock worth $1,069,000 after purchasing an additional 2,019 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.