Morgan Stanley Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its price target increased by research analysts at Morgan Stanley from $47.00 to $49.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Morgan Stanley's price objective would suggest a potential upside of 6.70% from the stock's previous close.

A number of other analysts also recently issued reports on BAC. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Piper Sandler dropped their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Truist Financial lowered their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $47.40.

Bank of America Stock Up 0.9%

Shares of NYSE BAC traded up $0.43 during midday trading on Monday, reaching $45.93. The company's stock had a trading volume of 21,034,766 shares, compared to its average volume of 39,731,689. The stock has a 50 day simple moving average of $42.36 and a 200-day simple moving average of $43.28. Bank of America has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $345.90 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 1.23 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities research analysts predict that Bank of America will post 3.7 earnings per share for the current year.

Institutional Investors Weigh In On Bank of America

Several large investors have recently made changes to their positions in BAC. Brighton Jones LLC boosted its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG boosted its holdings in Bank of America by 35.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares during the period. TCW Group Inc. grew its stake in Bank of America by 1.4% in the 4th quarter. TCW Group Inc. now owns 93,594 shares of the financial services provider's stock valued at $4,113,000 after buying an additional 1,301 shares in the last quarter. Howard Capital Management Inc. raised its holdings in Bank of America by 5.4% during the 4th quarter. Howard Capital Management Inc. now owns 47,054 shares of the financial services provider's stock valued at $2,068,000 after acquiring an additional 2,406 shares during the period. Finally, MONECO Advisors LLC boosted its holdings in shares of Bank of America by 49.7% in the fourth quarter. MONECO Advisors LLC now owns 32,973 shares of the financial services provider's stock worth $1,449,000 after acquiring an additional 10,940 shares during the period. 70.71% of the stock is owned by hedge funds and other 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.

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