Bank of America (NYSE:BAC) PT Raised to $44.00 at Wells Fargo & Company

Bank of America (NYSE:BAC) had its target price hoisted by investment analysts at Wells Fargo & Company from $40.00 to $44.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 16.74% from the stock’s current price.

Several other research analysts also recently weighed in on the company. Oppenheimer dropped their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Tuesday, March 19th. HSBC restated a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research report on Thursday. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research note on Tuesday, January 16th. The Goldman Sachs Group upped their target price on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, December 1st. Finally, Barclays boosted their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

Bank of America Stock Performance

Bank of America stock traded down $0.12 during midday trading on Thursday, hitting $37.69. The stock had a trading volume of 8,935,072 shares, compared to its average volume of 40,559,406. The firm’s fifty day moving average is $34.35 and its two-hundred day moving average is $31.26. The company has a market capitalization of $297.40 billion, a PE ratio of 12.26, a P/E/G ratio of 1.70 and a beta of 1.38. Bank of America has a 52-week low of $24.96 and a 52-week high of $37.87. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same period in the prior year, the firm posted $0.85 EPS. The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. On average, research analysts forecast that Bank of America will post 3.11 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Fort Sheridan Advisors LLC lifted its stake in shares of Bank of America by 0.8% in the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after purchasing an additional 303 shares during the period. Rossmore Private Capital increased its position in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after buying an additional 303 shares in the last quarter. Regent Peak Wealth Advisors LLC grew its stake in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 314 shares during the period. Kennedy Investment Group increased its holdings in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after acquiring an additional 321 shares in the last quarter. Finally, Private Ocean LLC lifted its holdings in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.