Bank of America (NYSE:BAC) Price Target Raised to $70.00 at Morgan Stanley

Bank of America (NYSE:BAC) had its price target raised by Morgan Stanley from $67.00 to $70.00 in a report released on Thursday,Benzinga reports. Morgan Stanley currently has an overweight rating on the financial services provider’s stock.

Several other analysts have also issued reports on the stock. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. The Goldman Sachs Group dropped their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Finally, Phillip Securities boosted their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Stock Up 1.8%

Shares of BAC opened at $53.38 on Thursday. The firm has a market cap of $389.81 billion, a P/E ratio of 14.54, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America has a 1 year low of $33.06 and a 1 year high of $53.99. The stock has a 50 day simple moving average of $51.28 and a two-hundred day simple moving average of $47.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the business posted $0.81 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. On average, analysts forecast that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. 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 valued at $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC grew its holdings in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the period. RMG Wealth Management LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $28,000. Steph & Co. lifted its holdings in shares of Bank of America by 224.3% during 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 last quarter. Finally, CGC Financial Services LLC boosted its position in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares in 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.