Bank of America (NYSE:BAC) was upgraded by analysts at Credit Suisse Group to an “outperform” rating in a report released on Thursday, January 4th. The firm presently has a $35.00 price target on the financial services provider’s stock, up from their previous price target of $32.00. Credit Suisse Group’s price objective indicates a potential upside of 12.22% from the company’s current price.
A number of other analysts have also recently weighed in on the stock. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective for the company in a research note on Monday, October 16th. Deutsche Bank restated a “hold” rating and issued a $25.00 price objective (up from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday, December 14th. Wells Fargo & Co set a $35.00 target price on shares of Bank of America and gave the company a “buy” rating in a research note on Wednesday, December 20th. Finally, BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $29.14.
Shares of Bank of America (BAC) traded up $0.53 on Thursday, reaching $31.19. 66,370,000 shares of the company were exchanged, compared to its average volume of 73,990,000. Bank of America has a 52-week low of $22.01 and a 52-week high of $31.20. The stock has a market capitalization of $325,330.00, a P/E ratio of 18.13, a PEG ratio of 1.67 and a beta of 1.32. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.
Bank of America (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share. equities analysts predict that Bank of America will post 1.79 earnings per share for the current year.
Bank of America declared that its board has initiated a share repurchase plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Large investors have recently made changes to their positions in the stock. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $1,017,000. Northwest Investment Counselors LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $100,000. Burt Wealth Advisors increased its stake in Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 4,294 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares in the last quarter. Finally, HWG Holdings LP bought a new stake in Bank of America during the 3rd quarter worth approximately $116,000. Institutional investors and hedge funds own 68.43% of the company’s stock.
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About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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