Truist Financial Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its target price increased by Truist Financial from $52.00 to $53.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

BAC has been the topic of several other research reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Evercore ISI lowered their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday. Piper Sandler lifted their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Oppenheimer dropped their price target on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Finally, Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $48.00 to $55.00 in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.54 on Friday. The stock has a market cap of $357.13 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The stock’s 50-day moving average is $45.76 and its 200 day moving average is $42.37. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America has a 1-year low of $31.40 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the business posted $0.70 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America will post 3.24 EPS for the current fiscal year.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently modified their holdings of BAC. Kennebec Savings Bank bought a new stake in Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc grew its stake in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC bought a new position in Bank of America during the 4th quarter valued at approximately $42,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America during the third quarter valued at $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.