JPMorgan Chase & Co. Boosts Bank of America (NYSE:BAC) Price Target to $58.00

Bank of America (NYSE:BAC) had its target price raised by analysts at JPMorgan Chase & Co. from $55.00 to $58.00 in a research note issued on Friday,MarketScreener reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 8.31% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Oppenheimer lifted their price target on shares of Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Royal Bank Of Canada lifted their target price on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Daiwa Capital Markets increased their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Finally, Barclays lifted their price target on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.59.

Bank of America Stock Up 1.0%

NYSE BAC opened at $53.55 on Friday. The business’s 50-day moving average is $51.03 and its 200 day moving average is $47.02. The stock has a market capitalization of $396.63 billion, a PE ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America has a 1 year low of $33.06 and a 1 year high of $53.64.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period last year, the company earned $0.81 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Bank of America will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Bank of America

Several institutional investors and hedge funds have recently made changes to their positions in BAC. Nova Wealth Management Inc. grew its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC boosted its holdings in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in Bank of America during the 2nd quarter valued at $28,000. Steph & Co. raised its stake in Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after buying an additional 379 shares during the last quarter. Finally, CGC Financial Services LLC lifted its holdings in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Institutional investors own 70.71% of the company’s stock.

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.