Morgan Stanley Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its target price increased by Morgan Stanley from $54.00 to $56.00 in a report issued on Friday,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

A number of other research firms have also weighed in on BAC. Truist Financial lifted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.54 on Friday. Bank of America has a one year low of $31.40 and a one year high of $48.08. The stock has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The company has a 50-day simple moving average of $45.76 and a 200-day simple moving average of $42.37. 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 (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the business earned $0.70 EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. On average, analysts predict that Bank of America will post 3.24 EPS for the current year.

Institutional Trading of Bank of America

Institutional investors and hedge funds have recently modified their holdings of the business. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc lifted its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the fourth quarter valued at $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America during the 3rd quarter worth about $45,000. Hedge funds and other 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.