Bank of America (NYSE:BAC) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Bank of America (NYSE:BAC) had its price objective raised by stock analysts at Morgan Stanley from $54.00 to $56.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 20.32% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Barclays raised 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. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Down 0.2 %

BAC stock opened at $46.54 on Friday. The stock has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The company has a 50-day moving average of $45.79 and a two-hundred day moving average of $42.42. Bank of America has a 52-week low of $31.40 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America will post 3.24 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Edgestream Partners L.P. acquired a new stake in shares of Bank of America in the second quarter valued at approximately $257,000. Ieq Capital LLC boosted its position in Bank of America by 17.2% in the 2nd quarter. Ieq Capital LLC now owns 305,830 shares of the financial services provider’s stock valued at $12,163,000 after buying an additional 44,821 shares during the last quarter. GM Advisory Group LLC raised its position in shares of Bank of America by 1.3% during the second quarter. GM Advisory Group LLC now owns 35,567 shares of the financial services provider’s stock worth $1,414,000 after acquiring an additional 446 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Bank of America by 7.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock valued at $3,887,000 after acquiring an additional 6,385 shares during the period. Finally, Callan Capital LLC boosted its holdings in Bank of America by 8.1% in the second quarter. Callan Capital LLC now owns 26,871 shares of the financial services provider’s stock valued at $1,069,000 after acquiring an additional 2,019 shares during the last quarter. Institutional investors and hedge funds own 70.71% 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.