Bank of America (NYSE:BAC) Price Target Raised to $52.00

Bank of America (NYSE:BAC) had its price target boosted by The Goldman Sachs Group from $46.00 to $52.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

BAC has been the subject of several other research reports. Argus cut their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. UBS Group increased their price objective on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Cowen initiated coverage on Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating on the stock. Finally, Piper Sandler decreased their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Performance

Shares of BAC opened at $44.61 on Tuesday. The stock has a 50-day simple moving average of $41.32 and a 200-day simple moving average of $43.44. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $336.00 billion, a PE ratio of 13.85, a PEG ratio of 1.21 and a beta of 1.30. Bank of America has a 1 year low of $33.07 and a 1 year high of $48.08.

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 analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, analysts predict that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently modified their holdings of BAC. Collier Financial bought a new stake in shares of Bank of America in the 4th quarter worth $25,000. Life Planning Partners Inc raised its position 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 worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $29,000. Finally, Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth $30,000. Institutional investors 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.