Oppenheimer Raises Bank of America (NYSE:BAC) Price Target to $46.00

Bank of America (NYSE:BAC) had its price objective boosted by Oppenheimer from $45.00 to $46.00 in a report issued on Tuesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the financial services provider’s stock.

BAC has been the subject of several other research reports. Evercore ISI boosted their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an outperform rating in a report on Thursday, April 4th. Barclays raised their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an overweight rating in a report on Tuesday, January 2nd. Jefferies Financial Group increased their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a hold rating in a research report on Monday, April 8th. UBS Group reissued a neutral rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, BMO Capital Markets raised their price objective on Bank of America from $36.00 to $37.00 and gave the stock a market perform rating in a report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of Hold and a consensus target price of $38.70.

View Our Latest Stock Analysis on Bank of America

Bank of America Price Performance

BAC opened at $36.88 on Tuesday. The stock’s 50-day moving average price is $36.39 and its 200 day moving average price is $33.01. Bank of America has a 12-month low of $24.96 and a 12-month high of $38.49. The firm has a market cap of $288.42 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.66 and a beta of 1.37. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the firm posted $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.60%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Institutional Trading of Bank of America

Several hedge funds have recently modified their holdings of BAC. Norges Bank purchased a new stake in Bank of America during the fourth quarter worth about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after purchasing an additional 29,198,846 shares during the last quarter. Barclays PLC boosted its position in Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd grew its holdings in Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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