Bank of America (NYSE:BAC) Stock Price Expected to Rise, Citigroup Analyst Says

Bank of America (NYSE:BAC) had its target price raised by Citigroup from $50.00 to $54.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Citigroup's price objective suggests a potential upside of 13.66% from the stock's current price.

Other analysts also recently issued reports about the company. Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. UBS Group lifted their price objective on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Finally, Evercore ISI decreased their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.56.

Bank of America Price Performance

BAC stock traded up $0.66 during midday trading on Thursday, reaching $47.51. 40,075,726 shares of the stock were exchanged, compared to its average volume of 39,865,895. Bank of America has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a fifty day moving average price of $42.91 and a 200 day moving average price of $43.33. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market capitalization of $357.83 billion, a PE ratio of 13.94, a P/E/G ratio of 1.27 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Institutional Trading of Bank of America

Several institutional investors and hedge funds have recently made changes to their positions in the company. Graney & King LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America during the 4th quarter worth $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors 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.