Bank of America (NYSE:BAC) Price Target Raised to $53.00 at Truist Financial

Bank of America (NYSE:BAC) had its price target hoisted by equities researchers at Truist Financial from $52.00 to $53.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target indicates a potential upside of 13.17% from the company’s previous close.

Several other analysts have also recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. 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. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $48.00 to $55.00 in a report on Monday, December 9th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $48.53.

Bank of America Stock Performance

NYSE BAC traded up $0.19 during trading on Friday, reaching $46.83. 11,066,894 shares of the company’s stock were exchanged, compared to its average volume of 35,794,727. The stock has a market capitalization of $359.33 billion, a P/E ratio of 17.03, a PEG ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50 day moving average price of $45.72 and a 200-day moving average price of $42.34. Bank of America has a fifty-two week low of $31.40 and a fifty-two week high of $48.08.

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

Institutional Investors Weigh In On Bank of America

Several institutional investors have recently added to or reduced their stakes in BAC. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its stake in 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 during the period. Christopher J. Hasenberg Inc lifted its holdings in shares of Bank of America by 525.9% in the third 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 in the last quarter. Retirement Wealth Solutions LLC bought a new stake in Bank of America during the 4th quarter worth approximately $42,000. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America in the 3rd quarter valued at $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.