Bank of America (NYSE:BAC) Lifted to Outperform at Wolfe Research

Bank of America (NYSE:BAC) was upgraded by investment analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report issued on Friday, MarketBeat reports. The brokerage presently has a $42.00 target price on the financial services provider’s stock. Wolfe Research’s price objective indicates a potential upside of 13.61% from the stock’s previous close.

A number of other research analysts also recently issued reports on BAC. Barclays boosted their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research report on Tuesday, January 16th. Oppenheimer dropped their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday. UBS Group reiterated a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $38.53.

Bank of America Stock Up 3.4 %

Shares of NYSE BAC opened at $36.97 on Friday. The company has a market capitalization of $291.72 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 1.61 and a beta of 1.39. Bank of America has a 52-week low of $24.96 and a 52-week high of $38.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79. The company’s 50 day moving average price is $35.68 and its 200-day moving average price is $32.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.94 EPS. Equities analysts forecast that Bank of America will post 3.17 earnings per share for the current year.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently bought and sold shares of BAC. Schechter Investment Advisors LLC grew its stake in shares of Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after acquiring an additional 4,187 shares in the last quarter. Eastern Bank grew its stake in shares of Bank of America by 354.5% in the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock worth $3,278,000 after acquiring an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC grew its stake in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after buying an additional 46,950 shares during the last quarter. Finally, Sarasin & Partners LLP purchased a new position in shares of Bank of America in the 4th quarter worth about $673,000. Institutional investors own 70.71% of the company’s stock.

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.