Bank of America (NYSE:BAC) Price Target Raised to $33.00

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Bank of America (NYSE:BAC) had its target price hoisted by equities research analysts at Morgan Stanley from $31.00 to $33.00 in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 10.00% from the stock’s previous close.

A number of other brokerages have also weighed in on BAC. Berenberg Bank set a $30.00 price target on shares of Bank of America and gave the company a “hold” rating in a research note on Monday, June 17th. DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $32.42.

Shares of BAC opened at $30.00 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America has a twelve month low of $22.66 and a twelve month high of $31.37. The firm’s 50 day moving average price is $28.08 and its two-hundred day moving average price is $28.72. The firm has a market cap of $280.83 billion, a P/E ratio of 11.49, a PEG ratio of 1.19 and a beta of 1.57.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. During the same quarter in the previous year, the firm posted $0.63 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America will post 2.82 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a share buyback plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of BAC. CNB Bank increased its holdings in Bank of America by 188.4% during the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after buying an additional 620 shares during the last quarter. Salomon & Ludwin LLC increased its holdings in Bank of America by 120.6% during the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after buying an additional 814 shares during the last quarter. Camarda Financial Advisors LLC increased its holdings in Bank of America by 167.2% during the first quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,067 shares during the last quarter. WealthStone Inc. acquired a new position in Bank of America during the second quarter worth $49,000. Finally, Ellevest Inc. acquired a new position in Bank of America during the second quarter worth $60,000. Institutional investors and hedge funds own 68.48% 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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