Bank of America (NYSE:BAC) had its price objective upped by analysts at Morgan Stanley from $35.00 to $37.00 in a research note issued on Friday. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price target points to a potential upside of 15.81% from the company’s current price.
A number of other analysts have also weighed in on BAC. Citigroup reissued a “neutral” rating and issued a $27.00 price objective (up from $25.00) on shares of Bank of America in a research report on Monday, October 9th. Vetr raised shares of Bank of America from a “sell” rating to a “hold” rating and set a $25.61 price objective on the stock in a research report on Monday, October 9th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Credit Suisse Group reaffirmed an “outperform” rating on shares of Bank of America in a research report on Tuesday, October 10th. Finally, Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a research report on Friday, October 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $30.17.
Bank of America (NYSE:BAC) traded down $0.55 during trading on Friday, reaching $31.95. 96,845,280 shares of the company were exchanged, compared to its average volume of 63,620,000. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America has a 12 month low of $22.07 and a 12 month high of $32.67. The stock has a market cap of $333,260.00, a price-to-earnings ratio of 20.75, a P/E/G ratio of 1.62 and a beta of 1.41.
Bank of America declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Hedge funds have recently modified their holdings of the stock. 1ST Source Bank increased its holdings in Bank of America by 4.8% during the third quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock valued at $2,056,000 after buying an additional 3,690 shares during the period. TIAA FSB acquired a new stake in Bank of America in the second quarter valued at approximately $2,400,000. Personal Capital Advisors Corp acquired a new stake in Bank of America in the third quarter valued at approximately $311,000. Teacher Retirement System of Texas boosted its stake in Bank of America by 1.9% in the third quarter. Teacher Retirement System of Texas now owns 6,806,200 shares of the financial services provider’s stock valued at $172,469,000 after acquiring an additional 128,510 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. boosted its stake in Bank of America by 7.5% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock valued at $1,639,000 after acquiring an additional 4,537 shares in the last quarter. 69.51% of the stock is currently owned by institutional investors.
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About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
