Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its price objective increased by research analysts at Keefe, Bruyette & Woods from $58.00 to $64.00 in a note issued to investors on Wednesday,MarketScreener reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 15.52% from the company’s current price.

A number of other research analysts have also weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Citigroup raised their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. HSBC lifted their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. The Goldman Sachs Group dropped their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Finally, Argus upped their target price on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.14.

Bank of America Price Performance

BAC stock opened at $55.40 on Wednesday. Bank of America has a 1 year low of $33.06 and a 1 year high of $56.07. The stock has a market capitalization of $404.56 billion, a PE ratio of 15.10 and a beta of 1.30. The company’s 50-day moving average is $52.58 and its 200-day moving average is $49.68. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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

Hedge Funds Weigh In On Bank of America

Institutional investors have recently bought and sold shares of the company. Riverview Capital Advisers LLC raised its stake in Bank of America by 4.2% in the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 188 shares during the last quarter. Shepherd Financial Partners LLC increased its position in Bank of America by 0.3% during the third quarter. Shepherd Financial Partners LLC now owns 60,279 shares of the financial services provider’s stock worth $3,110,000 after purchasing an additional 189 shares during the last quarter. William B. Walkup & Associates Inc. raised its position in shares of Bank of America by 1.4% in the 3rd quarter. William B. Walkup & Associates Inc. now owns 14,020 shares of the financial services provider’s stock worth $723,000 after buying an additional 192 shares during the period. Albion Financial Group UT raised its holdings in shares of Bank of America by 1.6% in the 3rd quarter. Albion Financial Group UT now owns 13,031 shares of the financial services provider’s stock worth $672,000 after purchasing an additional 205 shares during the period. Finally, Motive Wealth Advisors raised its holdings in Bank of America by 3.6% in the third quarter. Motive Wealth Advisors now owns 5,910 shares of the financial services provider’s stock valued at $305,000 after buying an additional 205 shares during the period. Hedge funds and other 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.