UBS Group Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price target raised by UBS Group from $46.00 to $50.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. UBS Group’s price target would suggest a potential upside of 33.08% from the stock’s previous close.

A number of other analysts have also recently commented on BAC. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Citigroup dropped their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Barclays decreased their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Finally, Morgan Stanley increased their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $47.25.

Bank of America Trading Down 1.1 %

NYSE BAC traded down $0.42 during trading on Wednesday, hitting $37.57. The company had a trading volume of 13,445,851 shares, compared to its average volume of 39,294,915. The company’s fifty day moving average is $41.85 and its 200-day moving average is $43.66. Bank of America has a one year low of $33.07 and a one year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $285.64 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, sell-side analysts predict that Bank of America will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after buying an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Norges Bank bought a new position in Bank of America during the 4th quarter valued at about $5,226,989,000. Capital World Investors lifted its stake in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after buying an additional 9,980,859 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.