Bank of America (NYSE:BAC)'s stock had its "neutral" rating reaffirmed by analysts at Robert W. Baird in a note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $52.00 price target on the financial services provider's stock. Robert W. Baird's price target suggests a potential upside of 10.32% from the stock's current price.
Several other brokerages have also recently commented on BAC. JPMorgan Chase & Co. reduced their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Cowen started coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. The Goldman Sachs Group raised their price objective on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Finally, Citigroup boosted their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.65.
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Bank of America Price Performance
Shares of BAC opened at $47.13 on Friday. Bank of America has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a 50 day moving average of $43.12 and a 200-day moving average of $43.34. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $355.01 billion, a P/E ratio of 14.06, a P/E/G ratio of 1.27 and a beta of 1.30.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, equities research analysts forecast that Bank of America will post 3.7 EPS for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter worth approximately $5,226,989,000. Capital World Investors increased its holdings in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Deutsche Bank AG grew its position in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Finally, Amundi raised its holdings in shares of Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.
About Bank of America
(
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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.
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