Bank of America (NYSE:BAC) Price Target Raised to $46.00

Bank of America (NYSE:BAC) had its price target lifted by equities research analysts at Evercore ISI from $43.00 to $46.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s target price indicates a potential upside of 4.10% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Oppenheimer increased their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, UBS Group restated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $41.18.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.06 on Wednesday, hitting $44.19. 14,983,869 shares of the company traded hands, compared to its average volume of 38,321,137. The company has a market cap of $345.58 billion, a P/E ratio of 15.29, a P/E/G ratio of 1.60 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America has a 12-month low of $24.96 and a 12-month high of $44.44. The firm’s 50-day simple moving average is $39.81 and its 200 day simple moving average is $36.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 EPS. Analysts expect that Bank of America will post 3.22 earnings per share for the current fiscal year.

Institutional Trading of Bank of America

A number of large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Bank of America in the 4th quarter worth $3,734,407,000. Vanguard Group Inc. lifted its position in shares of Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd increased its holdings in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. 70.71% of the stock is currently owned by 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.