Cfra Research Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its price objective upped by Cfra Research to $47.00 in a report published on Wednesday,Stock Target Advisor reports. The firm currently has a buy rating on the financial services provider's stock.

Other research analysts also recently issued research reports about the company. Truist Financial cut their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday. Barclays dropped their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research note on Friday, January 17th. Finally, Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.20.

Bank of America Price Performance

NYSE BAC traded up $0.11 during trading on Wednesday, hitting $37.44. 47,052,978 shares of the company's stock were exchanged, compared to its average volume of 39,127,145. The company has a market cap of $284.65 billion, a PE ratio of 11.63, a P/E/G ratio of 1.21 and a beta of 1.24. Bank of America has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock's 50 day moving average price is $41.27 and its two-hundred day moving average price is $43.59.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Research analysts expect that Bank of America will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America's dividend payout ratio is presently 30.95%.

Institutional Trading of Bank of America

Large investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after buying an additional 173,021 shares during the last quarter. OFI Invest Asset Management acquired a new position in Bank of America in the fourth quarter valued at approximately $60,679,000. Arizona State Retirement System boosted its position in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Keybank National Association OH grew its stake in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Company Profile

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.