Bank of America (NYSE:BAC) Price Target Raised to $65.00

Bank of America (NYSE:BAC) had its target price upped by analysts at Wells Fargo & Company from $62.00 to $65.00 in a research note issued to investors on Monday,MarketScreener reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 14.60% from the company’s current price.

Other analysts have also recently issued research reports about the company. Ameriprise Financial upgraded Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Truist Financial boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Citigroup boosted their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Dbs Bank raised Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.27.

Bank of America Trading Up 1.4%

Shares of Bank of America stock opened at $56.72 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company’s fifty day moving average price is $53.80 and its two-hundred day moving average price is $50.68. Bank of America has a 52-week low of $33.06 and a 52-week high of $56.54. The firm has a market capitalization of $414.18 billion, a PE ratio of 15.42 and a beta of 1.29.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the business earned $0.81 earnings per share. On average, analysts expect that Bank of America will post 3.7 EPS for the current year.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently added to or reduced their stakes in the stock. Permanent Capital Management LP bought a new position in shares of Bank of America during the third quarter valued at $649,000. Boston Common Asset Management LLC grew its holdings in Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares during the period. Disciplined Investments LLC bought a new position in shares of Bank of America in the 2nd quarter worth about $217,000. Sunbeam Capital Management LLC lifted its stake in Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after buying an additional 439 shares during the period. Finally, CCG Wealth Management LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $287,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.