Robert W. Baird Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its price target raised by research analysts at Robert W. Baird from $52.00 to $56.00 in a research report issued on Thursday,MarketScreener reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Robert W. Baird’s price target indicates a potential upside of 4.58% from the company’s previous close.

BAC has been the topic of several other reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research report on Wednesday, October 8th. Royal Bank Of Canada boosted their target price on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Seaport Global Securities boosted their target price on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Phillip Securities boosted their target price on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Finally, Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.59.

Bank of America Stock Up 1.0%

BAC opened at $53.55 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $396.63 billion, a P/E ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. Bank of America has a 52 week low of $33.06 and a 52 week high of $53.64. The business’s fifty day simple moving average is $51.03 and its 200 day simple moving average is $46.96.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share. As a group, equities research analysts anticipate that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Bank of America

Large investors have recently modified their holdings of the company. Nova Wealth Management Inc. lifted its position in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Quaker Wealth Management LLC lifted its position in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the 2nd quarter worth approximately $28,000. Steph & Co. boosted its stake in shares of Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 379 shares during the period. Finally, CGC Financial Services LLC boosted its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.