Oppenheimer Increases Bank of America (NYSE:BAC) Price Target to $46.00

Bank of America (NYSE:BAC) had its price objective lifted by stock analysts at Oppenheimer from $45.00 to $46.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price target indicates a potential upside of 24.49% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. Citigroup boosted their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. Evercore ISI boosted their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods upped their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $38.70.

Bank of America Trading Down 0.2 %

Shares of Bank of America stock opened at $36.95 on Tuesday. The stock has a fifty day simple moving average of $36.33 and a 200 day simple moving average of $32.98. Bank of America has a 12-month low of $24.96 and a 12-month high of $38.49. The company has a market capitalization of $291.56 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 1.68 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 earnings per share. Bank of America’s revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America will post 3.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of America

Institutional investors have recently added to or reduced their stakes in the business. Brookstone Capital Management raised its holdings in shares of Bank of America by 97.4% during the 3rd quarter. Brookstone Capital Management now owns 158,100 shares of the financial services provider’s stock valued at $4,262,000 after buying an additional 78,012 shares in the last quarter. Vicus Capital raised its holdings in shares of Bank of America by 13.8% during the 3rd quarter. Vicus Capital now owns 11,502 shares of the financial services provider’s stock valued at $315,000 after buying an additional 1,397 shares in the last quarter. Hoey Investments Inc. raised its holdings in shares of Bank of America by 4.0% during the 3rd quarter. Hoey Investments Inc. now owns 248,038 shares of the financial services provider’s stock valued at $6,791,000 after buying an additional 9,508 shares in the last quarter. Verus Financial Partners Inc. raised its holdings in shares of Bank of America by 3.5% during the 3rd quarter. Verus Financial Partners Inc. now owns 11,936 shares of the financial services provider’s stock valued at $319,000 after buying an additional 400 shares in the last quarter. Finally, Tectonic Advisors LLC raised its holdings in shares of Bank of America by 5.0% during the 3rd quarter. Tectonic Advisors LLC now owns 23,822 shares of the financial services provider’s stock valued at $652,000 after buying an additional 1,136 shares in the last quarter. 70.71% of the stock is currently owned by 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.