Bank of America (NYSE:BAC) Stock Rating Upgraded by Baird R W

Bank of America (NYSE:BAC) was upgraded by equities researchers at Baird R W from a “hold” rating to a “strong-buy” rating in a report issued on Friday,Zacks.com reports.

Several other equities analysts also recently weighed in on BAC. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and raised their price target for the company from $45.00 to $50.00 in a report on Friday. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Stock Down 0.2 %

BAC stock opened at $41.39 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $45.61 and its 200 day moving average is $43.72. The stock has a market cap of $314.72 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America has a 1-year low of $34.15 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 earnings per share. Sell-side analysts predict that Bank of America will post 3.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System increased its position in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares in the last quarter. Accent Capital Management LLC raised its stake in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments raised its stake in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Keybank National Association OH raised its stake in shares of Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

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.