Bank of America (NYSE:BAC) Price Target Increased to $37.00 by Analysts at BMO Capital Markets

Bank of America (NYSE:BAC) had its price objective boosted by equities research analysts at BMO Capital Markets from $36.00 to $37.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ price target would indicate a potential upside of 3.85% from the company’s previous close.

Several other brokerages have also recently commented on BAC. Oppenheimer decreased their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday. Barclays raised their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Jefferies Financial Group raised their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods raised their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and a consensus target price of $38.29.

Bank of America Price Performance

Bank of America stock traded up $0.40 during mid-day trading on Thursday, hitting $35.63. 4,424,926 shares of the company were exchanged, compared to its average volume of 41,041,305. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business has a fifty day moving average of $35.55 and a 200 day moving average of $32.21. Bank of America has a 1-year low of $24.96 and a 1-year high of $38.35. The company has a market capitalization of $281.14 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.94 earnings per share. As a group, sell-side analysts expect that Bank of America will post 3.13 earnings per share for the current year.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently modified their holdings of BAC. Schechter Investment Advisors LLC raised its position in Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares during the last quarter. Eastern Bank raised its position in Bank of America by 354.5% in the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after buying an additional 93,375 shares during the last quarter. Stonebridge Capital Advisors LLC increased its position in shares of Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares during the last quarter. Finally, Sarasin & Partners LLP acquired a new position in shares of Bank of America during the 4th quarter worth approximately $673,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.