Bank of America (NYSE:BAC) Stock Rating Upgraded by Piper Sandler

Bank of America (NYSE:BAC) was upgraded by research analysts at Piper Sandler from an “underweight” rating to a “neutral” rating in a report issued on Tuesday, MarketBeat Ratings reports. The firm presently has a $42.00 price target on the financial services provider’s stock, up from their prior price target of $37.00. Piper Sandler’s price target points to a potential upside of 0.67% from the company’s previous close.

Several other research firms have also weighed in on BAC. Jefferies Financial Group lifted their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Oppenheimer raised their target price on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Finally, JPMorgan Chase & Co. raised their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $40.41.

Bank of America Stock Up 0.7 %

Shares of NYSE:BAC opened at $41.72 on Tuesday. The stock’s 50-day moving average price is $39.41 and its two-hundred day moving average price is $36.52. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America has a 12-month low of $24.96 and a 12-month high of $41.83. The firm has a market cap of $326.27 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.55 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. On average, research analysts forecast that Bank of America will post 3.22 EPS for the current year.

Institutional Investors Weigh In On Bank of America

A number of institutional investors have recently made changes to their positions in BAC. Ethos Financial Group LLC boosted its position in Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 492 shares during the period. Auxano Advisors LLC boosted its position in Bank of America by 234.5% during the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares during the period. Kingswood Wealth Advisors LLC boosted its position in Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares during the period. DiNuzzo Private Wealth Inc. acquired a new position in Bank of America during the 4th quarter valued at approximately $105,000. Finally, Concord Wealth Partners boosted its position in Bank of America by 10.2% during the 4th quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock valued at $1,861,000 after purchasing an additional 5,103 shares during the period. 70.71% of the stock is currently owned by 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.