Bank of America (NYSE:BAC) Stock Price Expected to Rise, TD Cowen Analyst Says

Bank of America (NYSE:BAC) had its price objective raised by equities researchers at TD Cowen from $61.00 to $64.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. TD Cowen’s target price suggests a potential upside of 20.26% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. Oppenheimer raised their price target on shares of Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. The Goldman Sachs Group dropped their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Phillip Securities raised their target price on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. JPMorgan Chase & Co. upped their price target on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Finally, UBS Group raised their price objective on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Trading Down 0.1%

Shares of BAC opened at $53.22 on Thursday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America has a 52-week low of $33.06 and a 52-week high of $53.99. The firm has a market cap of $388.62 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.99 and a beta of 1.34. The business’s fifty day moving average is $51.33 and its 200-day moving average is $47.51.

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 the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the company earned $0.81 EPS. Bank of America’s revenue for the quarter was up 10.8% on a year-over-year basis. Equities analysts anticipate that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Bank of America

Several institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in Bank of America in the 2nd quarter valued at $5,091,641,000. Deutsche Bank AG boosted its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Bank of America by 124.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock worth $833,771,000 after acquiring an additional 9,782,208 shares in the last quarter. ABN AMRO Bank N.V. purchased a new stake in shares of Bank of America in the second quarter valued at about $202,439,000. Finally, Unisphere Establishment raised its holdings in shares of Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. 70.71% of the stock is 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.