Wells Fargo & Company Increases Bank of America (NYSE:BAC) Price Target to $44.00

Bank of America (NYSE:BAC) had its price objective raised by stock analysts at Wells Fargo & Company from $40.00 to $44.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 16.74% from the company’s current price.

Several other research firms have also recently weighed in on BAC. Oppenheimer cut their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Tuesday, March 19th. BMO Capital Markets decreased their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. HSBC reaffirmed a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday. Finally, The Goldman Sachs Group raised their target price on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $36.15.

Bank of America Stock Performance

Shares of BAC stock traded down $0.12 during mid-day trading on Thursday, reaching $37.69. 8,935,072 shares of the company’s stock traded hands, compared to its average volume of 40,559,406. Bank of America has a 12 month low of $24.96 and a 12 month high of $37.87. The firm has a 50 day moving average price of $34.35 and a two-hundred day moving average price of $31.26. The firm has a market capitalization of $297.40 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.70 and a beta of 1.38. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter in the previous year, the firm earned $0.85 earnings per share. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. On average, research analysts forecast that Bank of America will post 3.11 EPS for the current year.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America during the 4th quarter worth $28,000. Fortis Group Advisors LLC acquired a new stake in Bank of America in the 3rd quarter valued at $25,000. Criterion Capital Advisors LLC acquired a new stake in Bank of America in the 4th quarter valued at $32,000. Finally, Castleview Partners LLC acquired a new stake in Bank of America in the 1st quarter valued at $28,000. Institutional investors and hedge funds 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.