Bank of America (NYSE:BAC) Rating Reiterated by Morgan Stanley

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Bank of America (NYSE:BAC)‘s stock had its “buy” rating reiterated by stock analysts at Morgan Stanley in a report released on Monday, AnalystRatings.com reports. They currently have a $38.00 target price on the financial services provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 15.75% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Societe Generale cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. Atlantic Securities raised shares of Bank of America from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. reissued an “overweight” rating and set a $33.00 price target (up from $30.00) on shares of Bank of America in a research report on Monday, November 4th. DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Finally, Wells Fargo & Co set a $34.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $33.05.

BAC traded down $0.10 during trading on Monday, reaching $32.83. 6,413,637 shares of the company’s stock were exchanged, compared to its average volume of 48,594,696. The company’s fifty day moving average price is $30.61 and its 200-day moving average price is $29.15. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America has a fifty-two week low of $22.66 and a fifty-two week high of $33.60. The firm has a market capitalization of $296.21 billion, a PE ratio of 12.58, a P/E/G ratio of 1.26 and a beta of 1.62.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The firm had revenue of $22.96 billion during the quarter, compared to analyst estimates of $22.73 billion. During the same quarter in the previous year, the business earned $0.66 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts forecast that Bank of America will post 2.89 earnings per share for the current fiscal year.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Frank P. Bramble sold 6,500 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the transaction, the director now owns 50,000 shares in the company, valued at $1,566,500. The disclosure for this sale can be found here. Insiders sold a total of 51,870 shares of company stock worth $1,476,104 over the last quarter. Company insiders own 0.17% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in BAC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in Bank of America by 41.7% in the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 55,924 shares of the financial services provider’s stock valued at $1,622,000 after buying an additional 16,465 shares during the last quarter. First Bank & Trust boosted its holdings in Bank of America by 16.6% in the 2nd quarter. First Bank & Trust now owns 4,623 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 657 shares during the period. Coastal Capital Group Inc. boosted its holdings in Bank of America by 7.0% in the 2nd quarter. Coastal Capital Group Inc. now owns 14,782 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 966 shares during the period. Geneva Partners LLC boosted its holdings in Bank of America by 51.7% in the 2nd quarter. Geneva Partners LLC now owns 119,436 shares of the financial services provider’s stock valued at $3,464,000 after purchasing an additional 40,711 shares during the period. Finally, Girard Partners LTD. boosted its holdings in Bank of America by 70.7% in the 2nd quarter. Girard Partners LTD. now owns 188,304 shares of the financial services provider’s stock valued at $5,460,000 after purchasing an additional 77,997 shares during the period. Institutional investors own 70.60% 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 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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