Bank of America (NYSE:BAC) Earns Hold Rating from HSBC

Bank of America (NYSE:BAC)‘s stock had its “hold” rating reaffirmed by equities research analysts at HSBC in a note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $39.00 target price on the financial services provider’s stock, up from their previous target price of $38.00. HSBC’s price objective indicates a potential upside of 3.09% from the company’s current price.

A number of other brokerages have also commented on BAC. The Goldman Sachs Group boosted their price objective on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. BMO Capital Markets decreased their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a report on Tuesday, January 16th. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research note on Tuesday, January 16th. Finally, Oppenheimer cut their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $35.90.

Bank of America Stock Performance

Shares of Bank of America stock opened at $37.83 on Thursday. Bank of America has a one year low of $24.96 and a one year high of $37.85. The firm has a market capitalization of $298.50 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.70 and a beta of 1.38. The business has a 50-day simple moving average of $34.35 and a 200 day simple moving average of $31.26. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same period in the previous year, the company posted $0.85 EPS. The firm’s revenue was down 10.2% compared to the same quarter last year. On average, research analysts anticipate that Bank of America will post 3.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bank of America

Hedge funds and other institutional investors have recently bought and sold shares of the business. Roundview Capital LLC increased its holdings in shares of Bank of America by 1.5% in the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after purchasing an additional 2,013 shares during the period. Loomis Sayles & Co. L P increased its holdings in shares of Bank of America by 150.3% in the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 1,192 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Bank of America by 4.2% in the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after purchasing an additional 16,319 shares during the period. First Western Trust Bank bought a new position in shares of Bank of America in the first quarter worth $586,000. Finally, Pearl River Capital LLC bought a new position in shares of Bank of America in the first quarter worth $534,000. Institutional investors own 70.71% 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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.