Bank of America (NYSE:BAC) Price Target Raised to $56.00

Bank of America (NYSE:BAC) had its price objective raised by equities researchers at Morgan Stanley from $54.00 to $56.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 20.32% from the stock’s previous close.

BAC has been the subject of a number of other reports. Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Down 0.2 %

NYSE:BAC opened at $46.54 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America has a 1-year low of $31.40 and a 1-year high of $48.08. The firm has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The business’s 50-day moving average price is $45.79 and its two-hundred day moving average price is $42.42.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the firm posted $0.70 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities analysts expect that Bank of America will post 3.24 earnings per share for the current year.

Institutional Trading of Bank of America

A number of hedge funds have recently modified their holdings of BAC. Geode Capital Management LLC lifted its position in Bank of America by 1.2% during 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 acquiring an additional 1,700,141 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the period. Fisher Asset Management LLC boosted its stake in Bank of America by 4.0% in the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after purchasing an additional 1,731,003 shares during the period. Sanders Capital LLC grew its holdings in Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after buying an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its position in Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after buying an additional 59,853 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.