Oppenheimer Raises Bank of America (NYSE:BAC) Price Target to $55.00

Bank of America (NYSE:BAC) had its price target hoisted by analysts at Oppenheimer from $54.00 to $55.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price target points to a potential upside of 18.17% from the company’s current price.

A number of other research analysts have also recently commented on BAC. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $48.00 to $55.00 in a research note on Monday, December 9th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler lifted their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

NYSE:BAC opened at $46.54 on Friday. The firm has a market capitalization of $357.13 billion, a PE ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The stock’s fifty day moving average is $45.79 and its 200 day moving average is $42.42. Bank of America has a fifty-two week low of $31.40 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America will post 3.24 earnings per share for the current year.

Institutional Trading of Bank of America

A number of institutional investors have recently modified their holdings of BAC. Accent Capital Management LLC boosted its stake in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares in the last quarter. Summit Global Investments boosted its position in shares of Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares in the last quarter. Geode Capital Management LLC grew its stake in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP increased its position in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. acquired a new stake in Bank of America in the third quarter worth about $550,000. 70.71% of the stock is currently owned by institutional investors.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.