Bank of America Co. (NYSE:BAC) Receives $48.45 Average Price Target from Brokerages

Bank of America Co. (NYSE:BAC) has received an average recommendation of “Moderate Buy” from the twenty-five research firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation, sixteen have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $48.45.

Several equities research analysts have recently weighed in on the stock. Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Morgan Stanley lifted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Finally, Citigroup cut their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th.

Bank of America Trading Up 1.3 %

NYSE BAC opened at $41.80 on Thursday. Bank of America has a 12 month low of $34.15 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $317.80 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The business’s 50-day moving average price is $44.35 and its two-hundred day moving average price is $43.95.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, analysts expect that Bank of America will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.49%. Bank of America’s payout ratio is 32.30%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Fire Capital Management LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $377,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $40,000. DSG Capital Advisors LLC purchased a new position in Bank of America in the fourth quarter worth $6,753,000. Chancellor Financial Group WB LP purchased a new position in Bank of America in the fourth quarter worth $1,591,000. Finally, Triton Wealth Management PLLC increased its position in shares of Bank of America by 20.8% during the 4th quarter. Triton Wealth Management PLLC now owns 11,138 shares of the financial services provider’s stock valued at $504,000 after purchasing an additional 1,920 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

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.