Bank of America (NYSE:BAC) Price Target Raised to $49.00 at Morgan Stanley

Bank of America (NYSE:BAC) had its price objective upped by Morgan Stanley from $47.00 to $49.00 in a report issued on Monday morning,Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. TD Cowen assumed coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective for the company. Truist Financial lowered their target price 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, Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $47.56.

Bank of America Stock Up 1.4%

Shares of BAC stock traded up $0.66 during trading hours on Monday, reaching $47.51. The company had a trading volume of 40,075,726 shares, compared to its average volume of 39,865,895. The company has a market cap of $357.83 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America has a 12 month low of $33.07 and a 12 month high of $48.08. The business has a fifty day simple moving average of $42.91 and a 200-day simple moving average of $43.33.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is presently 30.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Graney & King LLC purchased a new position in Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America in the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $34,000. 70.71% of the stock is currently 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.