Bank of America Co. (NYSE:BAC) Given Consensus Rating of “Moderate Buy” by Brokerages

Bank of America Co. (NYSE:BAC) has been assigned an average rating of “Moderate Buy” from the twenty-three ratings firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $48.58.

BAC has been the topic of several research analyst reports. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Finally, Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday.

Bank of America Price Performance

NYSE BAC opened at $46.54 on Friday. The stock has a market capitalization of $357.13 billion, a PE ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The stock has a 50-day simple moving average of $45.76 and a 200 day simple moving average of $42.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America has a twelve month low of $31.40 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. Research analysts anticipate that Bank of America will post 3.24 EPS for the current year.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently bought and sold shares of BAC. Qsemble Capital Management LP acquired a new stake in Bank of America in the 2nd quarter valued at about $1,668,000. Ullmann Wealth Partners Group LLC increased its holdings in shares of Bank of America by 1.4% in the second quarter. Ullmann Wealth Partners Group LLC now owns 31,599 shares of the financial services provider’s stock valued at $1,257,000 after purchasing an additional 440 shares in the last quarter. Meeder Advisory Services Inc. raised its position in Bank of America by 51.7% in the 2nd quarter. Meeder Advisory Services Inc. now owns 123,057 shares of the financial services provider’s stock worth $4,894,000 after purchasing an additional 41,915 shares during the last quarter. TradeLink Capital LLC acquired a new position in Bank of America during the 2nd quarter worth $410,000. Finally, GHP Investment Advisors Inc. boosted its position in Bank of America by 1.2% in the 2nd quarter. GHP Investment Advisors Inc. now owns 127,882 shares of the financial services provider’s stock valued at $5,086,000 after buying an additional 1,557 shares during 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.