Bank of America (NYSE:BAC) Given New $67.00 Price Target at Wells Fargo & Company

Bank of America (NYSE:BAC) had its price target upped by research analysts at Wells Fargo & Company from $65.00 to $67.00 in a research note issued on Monday, MarketBeat reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 14.20% from the stock’s current price.

A number of other brokerages have also issued reports on BAC. Daiwa Securities Group raised their target price on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Robert W. Baird increased their price objective on Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Morgan Stanley raised their price objective on Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Autonomous Res decreased their target price on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Finally, Evercore dropped their target price on Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, May 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.69.

Bank of America Trading Down 0.1%

Shares of Bank of America stock opened at $58.67 on Monday. The firm’s 50 day simple moving average is $53.82 and its two-hundred day simple moving average is $52.80. The firm has a market capitalization of $416.35 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 0.99 and a beta of 1.17. Bank of America has a 12-month low of $44.75 and a 12-month high of $59.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 earnings per share. Analysts predict that Bank of America will post 4.49 EPS for the current year.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by insiders.

Institutional Trading of Bank of America

A number of hedge funds have recently added to or reduced their stakes in the company. Abound Financial LLC purchased a new position in Bank of America in the fourth quarter valued at $26,000. Legacy Bridge LLC boosted its position in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 330 shares in the last quarter. Wiser Advisor Group LLC acquired a new stake in Bank of America in the third quarter valued at approximately $27,000. CrossGen Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $32,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.