Bank of America (NYSE:BAC) Price Target Raised to $49.00 at Morgan Stanley

Bank of America (NYSE:BAC) had its price objective hoisted by equities research analysts at Morgan Stanley from $47.00 to $49.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s target price points to a potential upside of 6.70% from the company’s current price.

A number of other equities analysts have also recently commented on BAC. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target for the company. Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. The Goldman Sachs Group lifted their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Piper Sandler decreased their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Bank of America Price Performance

NYSE BAC traded up $0.43 on Monday, hitting $45.93. The stock had a trading volume of 21,034,766 shares, compared to its average volume of 39,731,689. The firm has a 50-day moving average of $42.36 and a 200-day moving average of $43.28. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a market capitalization of $345.90 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts expect that Bank of America will post 3.7 EPS for the current year.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Avalon Trust Co raised its position in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after buying an additional 219 shares during the last quarter. TAGStone Capital Inc. raised its holdings in Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after acquiring an additional 227 shares during the last quarter. Hayek Kallen Investment Management lifted its stake in shares of Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after purchasing an additional 233 shares during the period. Continuum Advisory LLC lifted its holdings in shares of Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after acquiring an additional 237 shares during the period. Finally, Cape Investment Advisory Inc. boosted its position in shares of Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after acquiring an additional 238 shares during the last quarter. Hedge funds and other 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.