Phillip Securities Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Key Points

• Phillip Securities raised its target price for Bank of America (NYSE:BAC) from $50.00 to $56.00, suggesting a potential 7.26% upside from the stock's current price.
• In addition to Phillip Securities, several other analysts have increased their price targets for Bank of America, with the consensus target now at $57.23, indicating a strong overall outlook for the stock.
• Bank of America recently reported $1.06 earnings per share (EPS), exceeding estimates by $0.13, and posted a 10.8% year-over-year revenue growth, signaling robust financial performance.

Bank of America (NYSE:BAC) had its target price upped by Phillip Securities from $50.00 to $56.00 in a report issued on Tuesday,MarketScreener reports. Phillip Securities' price target points to a potential upside of 7.26% from the stock's current price.

A number of other equities research analysts also recently issued reports on the stock. Daiwa Capital Markets upped their price objective on Bank of America from $54.00 to $58.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 8th. The Goldman Sachs Group raised their price objective on shares of Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a research report on Friday, October 3rd. Barclays raised their price target on Bank of America from $54.00 to $59.00 and gave the company an "overweight" rating in a report on Thursday, October 16th. Weiss Ratings reissued a "buy (b-)" rating on shares of Bank of America in a report on Wednesday, October 8th. Finally, UBS Group boosted their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $57.23.

Bank of America Stock Performance

Shares of BAC opened at $52.21 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $386.72 billion, a P/E ratio of 14.18, a P/E/G ratio of 1.95 and a beta of 1.33. The business's 50 day moving average price is $50.23 and its 200-day moving average price is $46.00. Bank of America has a 52 week low of $33.06 and a 52 week high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America's quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 EPS. Equities research analysts anticipate that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bank of America

Large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Bank of America in the second quarter valued at about $5,091,641,000. Deutsche Bank AG lifted its holdings in Bank of America by 45.1% during the first 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 during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Bank of America by 124.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider's stock worth $833,771,000 after acquiring an additional 9,782,208 shares in the last quarter. ABN AMRO Bank N.V. purchased a new stake in shares of Bank of America during the 2nd quarter worth $202,439,000. Finally, Unisphere Establishment boosted its position in Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider's stock valued at $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.