Bank of America (NYSE:BAC) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Bank of America (NYSE:BAC) had its price objective lifted by equities research analysts at The Goldman Sachs Group from $57.00 to $58.00 in a research note issued on Monday,MarketScreener reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 17.49% from the stock’s previous close.

Several other analysts have also recently commented on the stock. Erste Group Bank cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. CICC Research initiated coverage on shares of Bank of America in a research report on Wednesday, January 14th. They set an “outperform” rating and a $62.00 price target for the company. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Wednesday, April 1st. TD Cowen dropped their price objective on Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. Finally, Evercore reduced their price objective on Bank of America from $59.00 to $55.00 and set an “outperform” rating for the company in a report on Monday. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $59.20.

Bank of America Stock Performance

Shares of BAC stock opened at $49.37 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a 50 day simple moving average of $50.68 and a 200-day simple moving average of $52.22. The company has a market cap of $352.75 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.20 and a beta of 1.23. Bank of America has a 12-month low of $33.06 and a 12-month high of $57.55.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.Bank of America’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.82 earnings per share. On average, equities analysts forecast that Bank of America will post 3.7 EPS for the current year.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares of the company’s stock, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares of the company’s stock, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 227,832 shares of company stock worth $11,094,960. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Bank of America

Hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC boosted its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after acquiring an additional 6,174 shares during the last quarter. Jump Financial LLC boosted its holdings in shares of Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after purchasing an additional 18,227 shares during the last quarter. Cary Street Partners Financial LLC grew its position in shares of Bank of America by 24.0% in the second quarter. Cary Street Partners Financial LLC now owns 146,781 shares of the financial services provider’s stock valued at $6,946,000 after purchasing an additional 28,413 shares during the period. Finally, Baker Avenue Asset Management LP increased its stake in Bank of America by 4.2% in the second quarter. Baker Avenue Asset Management LP now owns 66,793 shares of the financial services provider’s stock valued at $3,161,000 after purchasing an additional 2,671 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Company Profile

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.