Oppenheimer Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its price objective raised by equities researchers at Oppenheimer from $50.00 to $51.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price would indicate a potential upside of 28.97% from the stock’s current price.

BAC has been the subject of a number of other research reports. Royal Bank of Canada lowered their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Finally, 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.25.

Bank of America Trading Down 0.4 %

NYSE:BAC traded down $0.15 during mid-day trading on Monday, hitting $39.55. The company had a trading volume of 18,073,468 shares, compared to its average volume of 39,077,855. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a market cap of $300.65 billion, a P/E ratio of 12.28, a P/E/G ratio of 1.21 and a beta of 1.24. The business’s fifty day moving average is $40.48 and its two-hundred day moving average is $43.60.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, research analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

A number of institutional investors and hedge funds have recently bought and sold shares of BAC. Collier Financial acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc raised its stake in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at $29,000. Finally, Vega Investment Solutions bought a new position in Bank of America during the 4th quarter worth $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.