Bank of America (NYSE:BAC) Earns Hold Rating from HSBC

Bank of America (NYSE:BAC)‘s stock had its “hold” rating reaffirmed by HSBC in a research report issued on Thursday, Marketbeat.com reports. They currently have a $39.00 target price on the financial services provider’s stock, up from their previous target price of $38.00. HSBC’s target price suggests a potential upside of 3.09% from the company’s previous close.

BAC has been the topic of a number of other reports. The Goldman Sachs Group lifted their target price on shares of Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. Citigroup boosted their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Oppenheimer reduced their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. BMO Capital Markets reduced their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. Finally, Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $35.90.

Bank of America Stock Performance

NYSE:BAC opened at $37.83 on Thursday. The company’s 50-day moving average price is $34.35 and its 200-day moving average price is $31.26. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a market cap of $298.50 billion, a P/E ratio of 12.32, a P/E/G ratio of 1.70 and a beta of 1.38. Bank of America has a twelve month low of $24.96 and a twelve month high of $37.85.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same period last year, the firm posted $0.85 earnings per share. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America will post 3.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of America

A number of large investors have recently bought and sold shares of the company. HighPoint Advisor Group LLC purchased a new position in Bank of America during the 4th quarter worth $4,117,000. Fairman Group LLC purchased a new position in Bank of America during the 4th quarter worth $52,000. Quadrature Capital Ltd raised its position in Bank of America by 3.5% during the 4th quarter. Quadrature Capital Ltd now owns 633,573 shares of the financial services provider’s stock worth $21,332,000 after buying an additional 21,414 shares during the last quarter. Livelsberger Financial Advisory purchased a new position in Bank of America during the 4th quarter worth $28,000. Finally, Ariston Services Group purchased a new position in shares of Bank of America in the 4th quarter valued at about $378,000. Hedge funds and other institutional investors 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.