Bank of America (NYSE:BAC) PT Raised to $41.00

Bank of America (NYSE:BAC) had its price target increased by stock analysts at Jefferies Financial Group from $39.00 to $41.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the financial services provider’s stock. Jefferies Financial Group’s price objective points to a potential upside of 0.27% from the company’s previous close.

A number of other equities analysts also recently commented on the stock. Evercore ISI raised their target price on shares of Bank of America from $41.00 to $43.00 and gave the company an “outperform” rating in a research note on Wednesday. BMO Capital Markets lifted their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Oppenheimer boosted their target price on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Wells Fargo & Company increased their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, JPMorgan Chase & Co. boosted their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $40.02.

Bank of America Trading Down 0.1 %

Shares of BAC traded down $0.04 during mid-day trading on Wednesday, reaching $40.89. The company had a trading volume of 6,393,497 shares, compared to its average volume of 38,588,211. The firm has a fifty day simple moving average of $39.00 and a 200-day simple moving average of $36.22. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $41.19. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $319.77 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the firm posted $0.94 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America will post 3.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ethos Financial Group LLC boosted its position in Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 492 shares during the period. Auxano Advisors LLC boosted its position in Bank of America by 234.5% during the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after acquiring an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC boosted its position in Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC boosted its position in Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after acquiring an additional 46,950 shares during the period. Finally, DiNuzzo Private Wealth Inc. acquired a new position in Bank of America during the 4th quarter worth $105,000. Institutional investors and hedge funds 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.