Cfra Research Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its price objective hoisted by Cfra Research to $47.00 in a report released on Wednesday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Cfra Research’s price objective would suggest a potential upside of 25.53% from the stock’s previous close.

Several other research firms also recently issued reports on BAC. Evercore ISI dropped their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. JPMorgan Chase & Co. reduced their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Truist Financial reduced their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.20.

Bank of America Stock Up 0.3 %

Bank of America stock opened at $37.44 on Wednesday. The firm has a market cap of $284.65 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 1.21 and a beta of 1.24. The firm has a fifty day moving average price of $41.46 and a two-hundred day moving average price of $43.60. 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 debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, analysts forecast that Bank of America will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

Several hedge funds have recently added to or reduced their stakes in BAC. Principal Financial Group Inc. boosted its stake in shares of Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Morse Asset Management Inc bought a new position in Bank of America in the third quarter valued at approximately $306,000. SkyView Investment Advisors LLC raised its position in shares of Bank of America by 4.3% during the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock valued at $619,000 after acquiring an additional 645 shares during the last quarter. Tudor Financial Inc. bought a new position in shares of Bank of America in the 3rd quarter worth $645,000. Finally, Eaton Financial Holdings Company LLC acquired a new stake in shares of Bank of America during the third quarter worth $488,000. 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.