Equities researchers at Vining Sparks assumed coverage on shares of Bank of America (NYSE:BAC) in a research note issued to investors on Monday. The brokerage set a “buy” rating and a $35.00 price target on the financial services provider’s stock. Vining Sparks’ price target indicates a potential upside of 16.94% from the stock’s current price.
The analysts wrote, “Bank of America’s strong fundamental earnings momentum & the impact of tax reform continues to validate our expectations for 45% earnings growth in 2018E. We would also highlight that this strong earnings momentum has improved Bank of America’s ROTCE by over 3 full percentage points in 1Q’18 and should improve its ROTCE by over another full percentage point by the end of 2018E. Therefore, we believe Bank of America’s price-to-tangible book value should improve towards 195%, suggesting over 15% upside potential.””
Other analysts have also recently issued reports about the company. BMO Capital Markets boosted their price target on Bank of America to $34.00 and gave the stock an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Vetr cut Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target on the stock. in a report on Wednesday, January 10th. Keefe, Bruyette & Woods restated a “buy” rating and set a $35.00 price target on shares of Bank of America in a report on Thursday, April 5th. Finally, Morgan Stanley boosted their price target on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Nine investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $31.02.
Bank of America stock traded up $0.13 during midday trading on Monday, reaching $29.93. The company’s stock had a trading volume of 110,370,590 shares, compared to its average volume of 75,244,055. Bank of America has a 52 week low of $22.07 and a 52 week high of $33.05. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The stock has a market cap of $305,261.97, a PE ratio of 16.36, a P/E/G ratio of 1.49 and a beta of 1.37.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.03. The company had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.04 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.41 earnings per share. analysts expect that Bank of America will post 2.5 earnings per share for the current year.
Institutional investors and hedge funds have recently modified their holdings of the business. Burt Wealth Advisors lifted its stake in Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after buying an additional 4,294 shares during the period. Legacy Advisors LLC acquired a new position in Bank of America in the third quarter valued at approximately $115,000. HWG Holdings LP acquired a new position in Bank of America in the third quarter valued at approximately $116,000. Bristlecone Advisors LLC acquired a new position in Bank of America in the third quarter valued at approximately $128,000. Finally, Avestar Capital LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $135,000. 69.85% of the stock is currently owned by hedge funds and other institutional investors.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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