Bank of America (NYSE:BAC) Price Target Increased to $40.00 by Analysts at BMO Capital Markets

Bank of America (NYSE:BAC) had its target price hoisted by investment analysts at BMO Capital Markets from $38.00 to $40.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ price target would suggest a potential downside of 9.17% from the company’s previous close.

Several other equities analysts have also recently issued reports on BAC. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Friday, April 19th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Royal Bank of Canada boosted their price target on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Citigroup boosted their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.92.

Bank of America Stock Performance

Shares of BAC stock traded up $0.06 during midday trading on Thursday, hitting $44.04. The company had a trading volume of 5,471,485 shares, compared to its average volume of 38,464,426. The company’s 50 day simple moving average is $39.93 and its 200 day simple moving average is $36.83. Bank of America has a 52-week low of $24.96 and a 52-week high of $44.44. The stock has a market cap of $344.41 billion, a price-to-earnings ratio of 15.22, a PEG ratio of 1.68 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s revenue was up .7% on a year-over-year basis. During the same period last year, the business posted $0.88 EPS. Research analysts anticipate that Bank of America will post 3.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BAC. Norges Bank acquired a new position in shares of Bank of America during the fourth quarter worth about $3,734,407,000. Vanguard Group Inc. lifted its stake in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after purchasing an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd lifted its stake in shares of Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares in the last quarter. 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.