Truist Financial Boosts Bank of America (NYSE:BAC) Price Target to $53.00

Bank of America (NYSE:BAC) had its price target lifted by research analysts at Truist Financial from $51.00 to $53.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective suggests a potential upside of 12.95% from the stock’s current price.

BAC has been the topic of several other reports. Keefe, Bruyette & Woods reduced their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. TD Cowen started coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target on the stock. Cfra Research boosted their price target on Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Finally, Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.89.

Bank of America Stock Performance

NYSE BAC opened at $46.92 on Wednesday. The firm has a market capitalization of $353.43 billion, a P/E ratio of 13.97, a P/E/G ratio of 1.27 and a beta of 1.30. Bank of America has a 1-year low of $33.07 and a 1-year high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The business’s 50-day simple moving average is $44.88 and its 200-day simple moving average is $43.54.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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 business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Equities analysts predict that Bank of America will post 3.7 EPS for the current year.

Institutional Investors Weigh In On Bank of America

A number of institutional investors have recently made changes to their positions in BAC. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Nova Wealth Management Inc. grew its stake in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the last quarter. Vega Investment Solutions bought a new position in Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the 4th quarter worth $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America during the 4th quarter worth $34,000. 70.71% of the stock is currently owned by 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.