Bank of America Co. (NYSE:BAC) Receives $47.50 Average PT from Analysts

Bank of America Co. (NYSE:BAC) has earned an average recommendation of “Moderate Buy” from the twenty-three research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $48.18.

A number of equities analysts have weighed in on the company. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th.

Hedge Funds Weigh In On Bank of America

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Qsemble Capital Management LP bought a new position in Bank of America during the 2nd quarter worth $1,668,000. Ullmann Wealth Partners Group LLC grew its position in shares of Bank of America by 1.4% during the second quarter. Ullmann Wealth Partners Group LLC now owns 31,599 shares of the financial services provider’s stock worth $1,257,000 after acquiring an additional 440 shares during the last quarter. Meeder Advisory Services Inc. increased its holdings in shares of Bank of America by 51.7% in the 2nd quarter. Meeder Advisory Services Inc. now owns 123,057 shares of the financial services provider’s stock worth $4,894,000 after acquiring an additional 41,915 shares during the period. TradeLink Capital LLC bought a new stake in Bank of America in the 2nd quarter valued at about $410,000. Finally, GHP Investment Advisors Inc. boosted its stake in Bank of America by 1.2% during the 2nd quarter. GHP Investment Advisors Inc. now owns 127,882 shares of the financial services provider’s stock valued at $5,086,000 after purchasing an additional 1,557 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 3.2 %

Shares of Bank of America stock opened at $47.23 on Friday. Bank of America has a twelve month low of $31.27 and a twelve month high of $48.08. The stock has a market cap of $362.39 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a fifty day moving average price of $45.69 and a 200 day moving average price of $42.31.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 earnings per share. Equities research analysts forecast that Bank of America will post 3.27 earnings per share for the current fiscal year.

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.