Bank of America Corp. Receives Overweight Rating from Morgan Stanley (BAC)
Bank of America Corp. (NYSE:BAC)‘s stock had its “overweight” rating restated by research analysts at Morgan Stanley in a report released on Thursday, American Banking News.com reports.
The analysts wrote, “4Q’s results were strong with BAC raising its NII guidance and delivering $400m decline in LAS costs,” the report noted. “Why lower fwd EPS? $2b of the beat was lower litigation expenses; we are pushing this $2b into 14/15. Next catalyst is March CCAR. We model $5b buyback (unchgd from 2013), and 4c divi hike to 5c per quarter.”
Several other analysts have also recently commented on the stock. Analysts at FBR Capital Markets raised their price target on shares of Bank of America Corp. from $15.00 to $18.00 in a research note to investors on Thursday. They now have a “market perform” rating on the stock. Separately, analysts at Nomura initiated coverage on shares of Bank of America Corp. in a research note to investors on Thursday, January 9th. They set a “buy” rating and a $19.00 price target on the stock. Finally, analysts at Jacob Securities initiated coverage on shares of Bank of America Corp. in a research note to investors on Wednesday, January 8th. They set a “buy” rating and a $19.00 price target on the stock. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and sixteen have given a buy rating to the company’s stock. Bank of America Corp. has a consensus rating of “Hold” and an average price target of $15.84.
Bank of America Corp. (NYSE:BAC) traded down 0.66% on Thursday, hitting $17.0372. The stock had a trading volume of 51,190,632 shares. Bank of America Corp. has a 1-year low of $10.98 and a 1-year high of $17.42. The stock’s 50-day moving average is $15.87 and its 200-day moving average is $14.70. The company has a market cap of $181.7 billion and a price-to-earnings ratio of 26.14. Bank of America Corp. also was the recipient of some unusual options trading activity on Wednesday. Traders purchased 747,305 call options on the stock. This represents an increase of 311% compared to the average daily volume of 182,013 call options.
Bank of America Corp. (NYSE:BAC) last released its earnings data on Wednesday, January 15th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. The company had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.28 billion. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. On average, analysts predict that Bank of America Corp. will post $1.31 earnings per share for the current fiscal year.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.