Bank of America (NYSE:BAC) Rating Increased to Outperform at Robert W. Baird

Bank of America (NYSE:BAC) was upgraded by research analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a note issued to investors on Friday, MarketBeat reports. The brokerage presently has a $50.00 target price on the financial services provider’s stock, up from their prior target price of $45.00. Robert W. Baird’s price target would indicate a potential upside of 20.82% from the company’s current price.

BAC has been the topic of a number of other reports. Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Morgan Stanley lifted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.64.

Bank of America Stock Down 0.2 %

BAC opened at $41.39 on Friday. Bank of America has a one year low of $34.15 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock’s fifty day moving average is $45.61 and its 200-day moving average is $43.72. The company has a market capitalization of $314.72 billion, a PE ratio of 12.85, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. On average, equities analysts predict that Bank of America will post 3.7 EPS for the current fiscal year.

Institutional Trading of Bank of America

A number of institutional investors have recently bought and sold shares of the company. Swedbank AB lifted its position in shares of Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after buying an additional 50,849 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Bank of America by 120.2% in the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock worth $814,000 after buying an additional 10,497 shares during the last quarter. Radnor Capital Management LLC lifted its position in shares of Bank of America by 75.1% in the third quarter. Radnor Capital Management LLC now owns 12,005 shares of the financial services provider’s stock worth $476,000 after buying an additional 5,150 shares during the last quarter. M&G PLC lifted its position in shares of Bank of America by 71.9% in the third quarter. M&G PLC now owns 586,779 shares of the financial services provider’s stock worth $23,471,000 after buying an additional 245,448 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares during the last quarter. Institutional investors and hedge funds 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.