Bank of America (NYSE:BAC) Receives “Neutral” Rating from Robert W. Baird

Bank of America (NYSE:BAC)‘s stock had its “neutral” rating reaffirmed by investment analysts at Robert W. Baird in a report issued on Friday, Marketbeat.com reports. They presently have a $52.00 price objective on the financial services provider’s stock. Robert W. Baird’s price objective would indicate a potential upside of 10.37% from the company’s previous close.

A number of other brokerages have also issued reports on BAC. The Goldman Sachs Group raised their price target on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Argus decreased their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Citigroup raised their price target on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, UBS Group raised their price target on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $47.65.

Bank of America Price Performance

NYSE:BAC opened at $47.11 on Friday. The firm has a market capitalization of $354.85 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.27 and a beta of 1.30. Bank of America has a 1 year low of $33.07 and a 1 year high of $48.08. The business has a 50 day simple moving average of $43.31 and a 200-day simple moving average of $43.33. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Equities analysts forecast that Bank of America will post 3.7 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Graney & King LLC purchased a new position in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter worth $29,000. Vega Investment Solutions purchased a new position in Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America during the 4th quarter worth $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Bank of America during the 4th quarter worth $34,000. 70.71% of the stock is currently owned by hedge funds and other 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.