Oppenheimer Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective increased by Oppenheimer from $50.00 to $51.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the financial services provider's stock. Oppenheimer's price objective points to a potential upside of 24.15% from the stock's previous close.

BAC has been the topic of a number of other research reports. Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. JPMorgan Chase & Co. decreased 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. Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Barclays decreased their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.25.

Bank of America Stock Up 2.3 %

BAC traded up $0.91 during trading hours on Monday, reaching $41.08. 41,601,768 shares of the stock traded hands, compared to its average volume of 39,239,451. 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 market cap of $312.32 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm's fifty day simple moving average is $40.07 and its two-hundred day simple moving average is $43.52.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. As a group, analysts forecast that Bank of America will post 3.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bank of America

Hedge funds have recently modified their holdings of the stock. Collier Financial acquired a new position in shares of Bank of America in the fourth quarter worth about $25,000. Life Planning Partners Inc boosted its stake in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC purchased a new position in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter valued at $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.