Analysts Set Bank of America Co. (NYSE:BAC) Price Target at $47.50

Shares of Bank of America Co. (NYSE:BAC) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-four brokerages that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation, fifteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $47.50.

BAC has been the subject of a number of analyst reports. Oppenheimer dropped their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Truist Financial began coverage on Bank of America in a research note on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price target on the stock. Piper Sandler upped their target price on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $48.00 to $55.00 in a research report on Monday, December 9th.

Get Our Latest Stock Analysis on Bank of America

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently bought and sold shares of the company. Fairway Wealth LLC acquired a new stake in Bank of America during the second quarter worth $27,000. Kennebec Savings Bank bought a new position in shares of Bank of America during the third quarter valued at $29,000. Highline Wealth Partners LLC grew its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc lifted its holdings in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America during the 3rd quarter valued at about $45,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Bank of America stock opened at $45.09 on Friday. The stock has a market capitalization of $345.97 billion, a P/E ratio of 16.40, a P/E/G ratio of 1.55 and a beta of 1.33. The company’s fifty day moving average price is $45.61 and its 200 day moving average price is $42.27. 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 has a 1 year low of $31.27 and a 1 year high of $48.08.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the firm posted $0.90 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s dividend payout ratio is currently 37.82%.

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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