Bank of America (NYSE:BAC) Price Target Raised to $55.00 at Oppenheimer

Bank of America (NYSE:BAC) had its price objective lifted by Oppenheimer from $54.00 to $55.00 in a research report released on Friday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on BAC. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

Shares of BAC opened at $46.54 on Friday. The firm has a market cap of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. Bank of America has a twelve month low of $31.40 and a twelve month high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s 50 day moving average price is $45.76 and its two-hundred day moving average price is $42.37.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 EPS. On average, analysts forecast that Bank of America will post 3.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of America

Large investors have recently modified their holdings of the stock. Two Sigma Advisers LP grew its stake in Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after buying an additional 10,175,100 shares during the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after acquiring an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares during the last quarter. Finally, D1 Capital Partners L.P. bought a new stake in Bank of America in the 3rd quarter valued at $174,858,000. 70.71% of the stock is owned by institutional investors.

About Bank of America

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.