Bank of America (NYSE:BAC) Price Target Raised to $67.00

Bank of America (NYSE:BAC) had its price objective increased by equities researchers at Morgan Stanley from $61.00 to $67.00 in a note issued to investors on Monday,MarketScreener reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 15.50% from the stock’s previous close.

BAC has been the topic of a number of other reports. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Robert W. Baird lifted their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. HSBC increased their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Evercore dropped their price objective on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a report on Friday, May 15th. Finally, The Goldman Sachs Group increased their target price on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.60.

Bank of America Stock Up 0.2%

BAC stock opened at $58.01 on Monday. The company has a market capitalization of $411.65 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 0.98 and a beta of 1.19. Bank of America has a fifty-two week low of $44.75 and a fifty-two week high of $59.19. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average of $53.36 and a 200-day moving average of $52.67.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, equities research analysts predict that Bank of America will post 4.47 earnings per share for the current year.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bank of America

Large investors have recently added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC purchased a new position in Bank of America during the 3rd quarter valued at about $27,000. Legacy Bridge LLC raised its position in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares during the last quarter. CrossGen Wealth LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $30,000. Finally, Joseph Group Capital Management bought a new stake in shares of Bank of America in the 4th quarter worth approximately $32,000. Institutional investors own 70.71% of the company’s stock.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.