Bank of America (NYSE:BAC) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Tuesday, MarketBeat Ratings reports. The firm presently has a $41.00 target price on the financial services provider’s stock, up from their previous target price of $32.00. Morgan Stanley’s price objective suggests a potential upside of 20.59% from the company’s previous close.
Several other research analysts have also recently issued reports on the company. The Goldman Sachs Group raised their target price on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, December 1st. Evercore ISI decreased their price objective on Bank of America from $35.00 to $33.00 in a research note on Thursday, October 5th. BMO Capital Markets decreased their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. Barclays raised 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. Finally, StockNews.com initiated coverage on Bank of America in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $35.53.
Bank of America Trading Down 2.3 %
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company had revenue of $22 billion for the quarter, compared to analysts’ expectations of $23.70 billion. During the same period last year, the firm posted $0.85 earnings per share. Bank of America’s revenue was down 10.2% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America will post 3.2 EPS for the current year.
Insider Activity at Bank of America
In other Bank of America news, major shareholder Of America Corp /De/ Bank acquired 5,398 shares of the company’s stock in a transaction that occurred on Wednesday, December 27th. The stock was bought at an average price of $10.56 per share, for a total transaction of $57,002.88. Following the acquisition, the insider now directly owns 5,398 shares in the company, valued at $57,002.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by company insiders.
Hedge Funds Weigh In On Bank of America
A number of large investors have recently bought and sold shares of the business. Fortis Group Advisors LLC bought a new stake in Bank of America during the 3rd quarter valued at $25,000. Marquette Asset Management LLC increased its position in Bank of America by 333.2% during the 2nd quarter. Marquette Asset Management LLC now owns 953 shares of the financial services provider’s stock valued at $27,000 after buying an additional 733 shares in the last quarter. Glass Jacobson Investment Advisors llc increased its position in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares in the last quarter. Castleview Partners LLC purchased a new stake in Bank of America during the 1st quarter valued at about $28,000. Finally, Global Trust Asset Management LLC grew its stake in Bank of America by 45.7% during the 2nd quarter. Global Trust Asset Management LLC now owns 1,036 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 68.06% of the company’s stock.
About Bank of America
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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