Bank of America Upgraded to Outperform by Robert W. Baird

Bank of America (NYSE:BAC) has received a positive upgrade from Robert W. Baird, which recently changed its rating from "neutral" to "outperform". This upgrade was detailed in a research report published on Friday. Along with this rating change, Baird has also raised its price target for Bank of America stock from $45.00 to $50.00. This new price target indicates a potential upside of approximately 20.90% from the current stock price.

In recent analysis of Bank of America, other financial analysts have also provided their insights. For instance, Keefe, Bruyette & Woods increased their target price from $50.00 to $57.00 while maintaining an "outperform" rating in a note released on December 3rd. Conversely, Piper Sandler reduced their target price from $50.00 to $49.00, assigning a "neutral" rating as of January 17th. On January 7th, HSBC Global Research upgraded the company's rating from "hold" to "strong buy". Additionally, UBS Group elevated Bank of America's status from "neutral" to "buy" while increasing their price target from $43.00 to $53.00 on the same day. Barclays also raised their price target, moving it from $53.00 to $58.00 and categorizing the firm as "overweight" in a report dated January 6th.

Overall, the stock analysis shows mixed but generally positive feedback. One analyst has rated Bank of America as a sell, six have given it a hold rating, while sixteen analysts issued buy ratings, and two gave it a strong buy rating. According to MarketBeat.com, the consensus recommendation stands at "Moderate Buy" with an average target price of $48.64.

Bank of America Price Overview

As of Friday, Bank of America's shares opened at $41.36. The company has a fifty-day simple moving average price of $45.67 and a two-hundred-day simple moving average of $43.67. Current financial metrics show a current ratio of 0.78 and a quick ratio of 0.78, alongside a debt-to-equity ratio of 1.04. Over the past year, Bank of America shares have fluctuated between a low of $34.15 and a high of $48.08. The market capitalization currently stands at $314.49 billion, with a price-to-earnings ratio of 12.84, a PEG ratio of 1.21, and a beta value of 1.33.

Bank of America recently disclosed its quarterly earnings on January 16th. The company reported earnings per share (EPS) of $0.82, exceeding analyst projections which expected $0.77 per share. The firm achieved a net margin of 14.10% and a return on equity of 10.29%. In terms of revenue, Bank of America reported $25.30 billion, outperforming the anticipated $25.12 billion. This marks a notable improvement from the previous year's EPS of $0.70, with revenue growth of 15.0% year-over-year. Analysts expect an average of 3.7 EPS for the current fiscal year.

Changes by Institutional Investors

Several significant institutional investors have recently adjusted their stakes in Bank of America. For instance, Geode Capital Management LLC increased its holdings by 1.4% in the fourth quarter, owning approximately 142 million shares valued at around $6.24 billion after acquiring an additional 2 million shares. Price T Rowe Associates, a Maryland-based firm, reported a 10.6% increase in holdings during the same quarter, resulting in ownership of about 122 million shares worth approximately $5.38 billion after adding almost 12 million shares. Norges Bank also acquired a new position valued at approximately $5.23 billion in Bank of America during the fourth quarter. Furthermore, Capital World Investors increased their shareholding by 23.9%, now owning about 88 million shares worth around $3.88 billion. Lastly, Northern Trust Corp raised its stake by 17.2%, acquiring approximately 68 million shares valued at about $2.99 billion. Collectively, institutional investors currently hold approximately 70.71% of Bank of America's stock.

About Bank of America

Bank of America Corporation, through its various subsidiaries, provides a wide array of banking and financial products and services. These offerings cater to individual consumers, small to mid-sized businesses, institutional investors, large corporations, and governmental entities globally. The company operates across four key segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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