Bank of America (NYSE:BAC) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Bank of America (NYSE:BAC) had its price objective boosted by equities researchers at Morgan Stanley from $47.00 to $49.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price objective points to a potential upside of 5.01% from the company’s previous close.

Several other brokerages have also recently commented on BAC. Piper Sandler cut their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Citigroup cut their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating on the stock. Keefe, Bruyette & Woods lowered their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.40.

Bank of America Price Performance

Bank of America stock opened at $46.66 on Monday. The stock’s fifty day moving average price is $42.72 and its two-hundred day moving average price is $43.30. The firm has a market cap of $351.46 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. As a group, research analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of America

A number of institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in shares of Bank of America during the 4th quarter worth approximately $5,226,989,000. Capital World Investors lifted its position in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Deutsche Bank AG boosted its stake in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Finally, Amundi grew its holdings in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. 70.71% of the stock is owned by institutional investors.

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.