Evercore ISI Raises Bank of America (NYSE:BAC) Price Target to $43.00

Bank of America (NYSE:BAC) had its price objective upped by equities research analysts at Evercore ISI from $41.00 to $43.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s price target suggests a potential upside of 5.06% from the stock’s previous close.

A number of other research firms have also commented on BAC. HSBC reaffirmed a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Jefferies Financial Group upped their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.91.

Bank of America Stock Up 2.3 %

BAC stock opened at $40.93 on Wednesday. The stock has a market cap of $320.09 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. The firm’s 50-day simple moving average is $38.95 and its 200 day simple moving average is $36.17. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $40.96. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America will post 3.22 EPS for the current year.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently bought and sold shares of BAC. Fortis Group Advisors LLC bought a new stake in Bank of America during the 3rd quarter valued at approximately $25,000. Delos Wealth Advisors LLC lifted its holdings in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the last quarter. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $28,000. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $32,000. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America during the first quarter worth $33,000. 70.71% of the stock is currently 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.