Bank of America (NYSE:BAC) had its price target lifted by analysts at Barclays from $35.00 to $37.00 in a research note issued on Tuesday. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Barclays’ target price suggests a potential upside of 23.03% from the stock’s previous close.
A number of other equities analysts have also recently commented on BAC. Instinet dropped their target price on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets raised their price target on Bank of America to $34.00 and gave the stock an “average” rating in a research note on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Vetr lowered Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target for the company. in a research note on Wednesday, January 10th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Tuesday, January 2nd. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $31.32.
NYSE BAC traded up $0.14 during trading on Tuesday, hitting $30.08. 41,189,430 shares of the stock traded hands, compared to its average volume of 74,713,766. The stock has a market capitalization of $305,261.97, a PE ratio of 16.43, a P/E/G ratio of 1.49 and a beta of 1.37. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America has a 12-month low of $22.07 and a 12-month high of $33.05.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.03. The business had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.04 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. analysts anticipate that Bank of America will post 2.5 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in Bank of America by 5.8% during the fourth quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after purchasing an additional 5,720,403 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Bank of America by 0.7% during the third quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after purchasing an additional 379,854 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Bank of America by 13.6% during the third quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock worth $1,017,645,000 after purchasing an additional 4,801,300 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its holdings in shares of Bank of America by 3.7% during the fourth quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock worth $1,175,286,000 after buying an additional 1,403,412 shares during the last quarter. 69.85% of the stock is owned by institutional investors and hedge funds.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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