Bank of America (NYSE:BAC) Price Target Raised to $58.00 at Truist Financial

Bank of America (NYSE:BAC) had its price objective hoisted by equities research analysts at Truist Financial from $56.00 to $58.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would suggest a potential upside of 5.74% from the stock’s current price.

A number of other brokerages have also commented on BAC. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Daiwa Capital Markets raised their price target on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. HSBC lifted their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. raised their target price on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.23.

Bank of America Stock Up 0.5%

Shares of NYSE:BAC opened at $54.85 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $400.53 billion, a price-to-earnings ratio of 14.89 and a beta of 1.30. Bank of America has a 12-month low of $33.06 and a 12-month high of $56.07. The stock has a fifty day simple moving average of $52.67 and a two-hundred day simple moving average of $49.72.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 earnings per share. On average, research analysts anticipate that Bank of America will post 3.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of America

A number of hedge funds have recently made changes to their positions in the business. AIA Group Ltd raised its stake in Bank of America by 61.2% during the 3rd quarter. AIA Group Ltd now owns 394,359 shares of the financial services provider’s stock valued at $20,345,000 after purchasing an additional 149,652 shares during the period. Keel Point LLC grew its holdings in Bank of America by 2.4% during the 3rd quarter. Keel Point LLC now owns 44,738 shares of the financial services provider’s stock valued at $2,308,000 after buying an additional 1,052 shares in the last quarter. Garde Capital Inc. raised its position in shares of Bank of America by 9.7% during the third quarter. Garde Capital Inc. now owns 13,536 shares of the financial services provider’s stock valued at $698,000 after buying an additional 1,198 shares during the last quarter. Farmers National Bank lifted its holdings in shares of Bank of America by 13.4% in the third quarter. Farmers National Bank now owns 5,053 shares of the financial services provider’s stock worth $261,000 after buying an additional 596 shares in the last quarter. Finally, MRP Capital Investments LLC bought a new position in shares of Bank of America during the third quarter worth $556,000. Institutional investors own 70.71% of the company’s stock.

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.