Bank of America (NYSE:BAC) Price Target Raised to $56.00 at Morgan Stanley

Bank of America (NYSE:BAC) had its target price hoisted by 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 indicate a potential upside of 21.09% from the company’s previous close.

Several other brokerages have also issued reports on BAC. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.58.

View Our Latest Report on Bank of America

Bank of America Trading Down 0.8 %

Shares of NYSE:BAC traded down $0.40 during midday trading on Friday, hitting $46.25. 23,879,823 shares of the stock traded hands, compared to its average volume of 37,186,727. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $354.83 billion, a PE ratio of 16.82, a P/E/G ratio of 1.23 and a beta of 1.33. Bank of America has a one year low of $31.40 and a one year high of $48.08. The business’s 50 day moving average is $45.72 and its two-hundred day moving average is $42.34.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. As a group, research analysts forecast that Bank of America will post 3.24 earnings per share for the current year.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently added to or reduced their stakes in BAC. Two Sigma Advisers LP grew its holdings in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares during the period. 1832 Asset Management L.P. boosted its position in Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares during the period. International Assets Investment Management LLC grew its stake in shares of Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. purchased a new stake in shares of Bank of America during the 3rd quarter valued at about $174,858,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of America

(Get Free Report)

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.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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