Bank of America Co. (NYSE:BAC) Receives Average Recommendation of “Moderate Buy” from Analysts

Bank of America Co. (NYSE:BAC) has been given a consensus rating of “Moderate Buy” by the twenty-three brokerages that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation, fifteen have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $48.58.

A number of equities research analysts recently commented on BAC shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday.

Hedge Funds Weigh In On Bank of America

A number of large investors have recently bought and sold shares of BAC. Fairway Wealth LLC bought a new stake in shares of Bank of America in the second quarter worth $27,000. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter worth about $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its holdings in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares in the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in Bank of America during the fourth quarter worth about $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

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

Bank of America (NYSE:BAC) last released its 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. On average, sell-side analysts forecast that Bank of America will post 3.24 earnings per share for the current year.

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.