Bank of America (NYSE:BAC) PT Raised to $39.00 at Citigroup

Bank of America (NYSE:BAC) had its price objective lifted by stock analysts at Citigroup from $37.00 to $39.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Citigroup’s target price points to a potential upside of 3.97% from the stock’s current price.

Several other research firms have also weighed in on BAC. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research note on Tuesday, January 16th. Oppenheimer lowered their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday. The Goldman Sachs Group boosted their price target 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. BMO Capital Markets dropped 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. Finally, Barclays upped their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.65.

Read Our Latest Stock Report on BAC

Bank of America Trading Up 2.1 %

NYSE:BAC opened at $37.51 on Wednesday. The stock has a fifty day moving average price of $33.99 and a two-hundred day moving average price of $31.00. The stock has a market capitalization of $295.98 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 1.64 and a beta of 1.38. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America has a 1 year low of $24.96 and a 1 year high of $37.60.

Bank of America (NYSE:BACGet Free Report) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period last year, the company earned $0.85 EPS. As a group, sell-side analysts anticipate that Bank of America will post 3.15 earnings per share for the current fiscal year.

Insider Activity

In other Bank of America news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the business’s stock in a transaction on Wednesday, December 27th. The stock was purchased at an average cost of $10.56 per share, for a total transaction of $57,002.88. Following the completion of the purchase, the insider now directly owns 5,398 shares of the company’s stock, valued at $57,002.88. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.27% of the stock is owned by company insiders.

Institutional Trading of Bank of America

A number of large investors have recently bought and sold shares of the business. Moneta Group Investment Advisors LLC lifted its position in shares of Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Bank of America by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 127,236,515 shares of the financial services provider’s stock worth $3,640,452,000 after purchasing an additional 1,768,938 shares during the period. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter worth approximately $3,734,407,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Finally, Northern Trust Corp grew its stake in Bank of America by 2.1% in the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after buying an additional 1,397,469 shares in the last quarter. 68.06% of the stock is currently 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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