Bank of America (NYSE:BAC) Upgraded to “Outperform” at Wolfe Research

Bank of America (NYSE:BAC) was upgraded by research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued to investors on Friday, Briefing.com reports. The brokerage currently has a $42.00 target price on the financial services provider’s stock. Wolfe Research’s price target indicates a potential upside of 17.42% from the company’s current price.

A number of other brokerages have also weighed in on BAC. HSBC restated a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. BMO Capital Markets boosted their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday. Barclays increased their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Wells Fargo & Company boosted their price objective 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, Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Up 1.5 %

NYSE:BAC opened at $35.77 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.80. The firm’s 50-day moving average price is $35.61 and its 200-day moving average price is $32.24. The company has a market capitalization of $282.25 billion, a PE ratio of 12.38, a P/E/G ratio of 1.59 and a beta of 1.39. Bank of America has a 1-year low of $24.96 and a 1-year high of $38.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the firm posted $0.94 earnings per share. The business’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities analysts predict that Bank of America will post 3.16 EPS for the current fiscal year.

Institutional Trading of Bank of America

Several institutional investors have recently modified their holdings of the stock. Rossmore Private Capital raised its position in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after buying an additional 303 shares during the last quarter. Fort Sheridan Advisors LLC increased its holdings in shares of Bank of America by 0.8% in the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after purchasing an additional 303 shares during the last quarter. Chemistry Wealth Management LLC lifted its position in Bank of America by 0.3% during the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after buying an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC lifted its position in Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares in the last quarter. Finally, Kennedy Investment Group boosted its stake in Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after buying an additional 321 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.