The Goldman Sachs Group Raises Bank of America (NYSE:BAC) Price Target to $67.00

Bank of America (NYSE:BAC) had its price target boosted by stock analysts at The Goldman Sachs Group from $65.00 to $67.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 28.61% from the company’s previous close.

Several other research analysts have also issued reports on the stock. Argus upped their target price on shares of Bank of America from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. UBS Group lifted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Truist Financial reduced their price objective on Bank of America from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Finally, TD Cowen cut their target price on Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $59.83.

Bank of America Stock Up 0.7%

BAC opened at $52.10 on Monday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America has a one year low of $33.06 and a one year high of $57.55. The firm has a market capitalization of $380.44 billion, a P/E ratio of 13.60, a price-to-earnings-growth ratio of 1.26 and a beta of 1.29. The company has a fifty day moving average price of $54.06 and a 200-day moving average price of $51.39.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same period in the prior year, the company earned $0.82 EPS. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. Equities research analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bank of America

Large investors have recently added to or reduced their stakes in the company. Permanent Capital Management LP purchased a new position in shares of Bank of America during the third quarter valued at approximately $649,000. Boston Common Asset Management LLC lifted its stake in Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares during the period. Disciplined Investments LLC bought a new stake in Bank of America in the second quarter valued at $217,000. Sunbeam Capital Management LLC increased its position in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares during the period. Finally, CCG Wealth Management LLC bought a new position in Bank of America in the 2nd quarter worth $287,000. Institutional investors own 70.71% of the company’s stock.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.