The Goldman Sachs Group Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its target price increased by The Goldman Sachs Group from $65.00 to $67.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm currently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 28.61% from the company’s current price.

BAC has been the topic of a number of other research reports. Royal Bank Of Canada upped their price target on shares of Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. TD Cowen decreased their target price on Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. Robert W. Baird boosted their price target on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Piper Sandler raised their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, January 15th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.83.

Bank of America Trading Up 0.7%

Shares of BAC stock opened at $52.10 on Monday. The stock has a 50-day moving average of $54.06 and a 200-day moving average of $51.39. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market cap of $380.44 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 1.26 and a beta of 1.29. Bank of America has a 1-year low of $33.06 and a 1-year high of $57.55.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. During the same quarter in the prior year, the firm posted $0.82 EPS. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

A number of hedge funds have recently added to or reduced their stakes in BAC. Permanent Capital Management LP bought a new stake in Bank of America in the 3rd quarter valued at about $649,000. Boston Common Asset Management LLC lifted its stake in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after buying an additional 24,740 shares in the last quarter. Disciplined Investments LLC bought a new position in Bank of America in the 2nd quarter worth approximately $217,000. Sunbeam Capital Management LLC grew its stake in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after buying an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC bought a new stake in Bank of America during the 2nd quarter valued at $287,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.