JPMorgan Chase & Co. Increases Bank of America Corp. Price Target to $16.00 (BAC)
Equities researchers at JPMorgan Chase & Co. boosted their price objective on shares of Bank of America Corp. (NYSE:BAC) from $15.50 to $16.00 in a research report issued on Wednesday, American Banking News reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.’s price objective points to a potential upside of 8.73% from the stock’s previous close.
Bank of America Corp. (NYSE:BAC) traded up 1.13% on Wednesday, hitting $14.715. 127,490,704 shares of the company’s stock traded hands. Bank of America Corp. has a 1-year low of $8.70 and a 1-year high of $15.03. The stock’s 50-day moving average is $14.46 and its 200-day moving average is $13.30. The company has a market cap of $158.1 billion and a price-to-earnings ratio of 31.84. Bank of America Corp. also saw some unusual options trading activity on Wednesday. Traders purchased 156,538 call options on the company. This represents an increase of 130% compared to the typical volume of 68,015 call options.
Bank of America Corp. (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $0.32 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.25 by $0.07. The company had revenue of $22.95 billion for the quarter, compared to the consensus estimate of $22.61 billion. During the same quarter in the previous year, the company posted $0.19 earnings per share. Analysts expect that Bank of America Corp. will post $0.91 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on BAC. Analysts at Zacks reiterated a “neutral” rating on shares of Bank of America Corp. (NYSE:BAC) in a research note to investors on Tuesday, September 3rd. They now have a $15.00 price target on the stock. Separately, analysts at Evercore Partners reiterated an “overweight” rating on shares of Bank of America Corp. (NYSE:BAC) in a research note to investors on Thursday, August 29th. They now have a $16.00 price target on the stock. Finally, analysts at TheStreet reiterated a “hold” rating on shares of Bank of America Corp. (NYSE:BAC) in a research note to investors on Wednesday, August 21st.
Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $14.24.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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