Bank of America (NYSE:BAC) Given New $55.00 Price Target at Oppenheimer

Bank of America (NYSE:BAC) had its price objective hoisted by analysts at Oppenheimer from $54.00 to $55.00 in a report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price objective suggests a potential upside of 17.58% from the stock’s current price.

Several other equities analysts have also recently issued reports on BAC. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Bank of America stock traded up $0.14 during midday trading on Friday, hitting $46.78. 12,543,398 shares of the company’s stock were exchanged, compared to its average volume of 35,936,195. The firm’s 50 day simple moving average is $45.72 and its 200 day simple moving average is $42.34. Bank of America has a 12-month low of $31.40 and a 12-month high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $358.92 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the firm posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities research analysts predict that Bank of America will post 3.24 EPS for the current year.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently added to or reduced their stakes in the business. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the 3rd quarter valued at $29,000. Highline Wealth Partners LLC increased its stake in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc raised its holdings 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 purchasing an additional 852 shares during the period. Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America in the 4th quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth about $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.