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Bank of America Co. ((NYSE:(BA))C) – DA Davidson upped their FY2020 earnings estimates for Bank of America in a research report issued on Monday, December 21st. DA Davidson analyst D. Konrad now forecasts that the financial services provider will post earnings of $1.75 per share for the year, up from their prior forecast of $1.72. DA Davidson also issued estimates for Bank of America‘s Q4 2020 earnings at $0.57 EPS.
Other analysts have also issued reports about the company. Credit Suisse Group raised their price objective on Bank of America from $31.00 to $36.00 and gave the company an “outperform” rating in a report on Friday, December 11th. TheStreet raised Bank of America from a “c+” rating to a “b-” rating in a report on Tuesday, August 25th. Royal Bank of Canada set a $28.00 price target on Bank of America and gave the stock a “buy” rating in a research note on Wednesday, October 14th. JPMorgan Chase & Co. lifted their price target on Bank of America from $26.00 to $27.50 and gave the stock an “overweight” rating in a research note on Tuesday, October 6th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and lifted their price target for the stock from $27.00 to $29.00 in a research note on Thursday, September 3rd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $29.58.
Shares of (BA)C opened at $29.74 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. Bank of America has a 12 month low of $17.95 and a 12 month high of $35.72. The stock’s 50 day moving average is $27.60 and its two-hundred day moving average is $25.57. The firm has a market cap of $257.27 billion, a P/E ratio of 14.19, a PEG ratio of 2.31 and a beta of 1.58. Bank of America ((NYSE:(BA))C) last issued its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $0.51 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.02). Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The business had revenue of $20.30 billion during the quarter, compared to analyst estimates of $20.88 billion. During the same period in the previous year, the business posted $0.75 earnings per share. The firm’s revenue for the quarter was down 11.6% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its position in shares of Bank of America by 3.0% in the 2nd quarter. Principal Financial Group Inc. now owns 12,090,504 shares of the financial services provider’s stock valued at $287,150,000 after purchasing an additional 349,711 shares during the period. Thompson Siegel & Walmsley LLC raised its stake in Bank of America by 9.6% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 510,656 shares of the financial services provider’s stock valued at $12,128,000 after acquiring an additional 44,554 shares during the last quarter. Prio Wealth Limited Partnership raised its stake in Bank of America by 1.8% during the 2nd quarter. Prio Wealth Limited Partnership now owns 1,730,137 shares of the financial services provider’s stock valued at $41,091,000 after acquiring an additional 30,180 shares during the last quarter. Covenant Multifamily Offices LLC raised its stake in shares of Bank of America by 61.2% during the 2nd quarter. Covenant Multifamily Offices LLC now owns 37,961 shares of the financial services provider’s stock worth $902,000 after buying an additional 14,410 shares in the last quarter. Finally, MCF Advisors LLC raised its stake in shares of Bank of America by 8.1% during the 2nd quarter. MCF Advisors LLC now owns 26,219 shares of the financial services provider’s stock worth $623,000 after buying an additional 1,970 shares in the last quarter. Institutional investors own 61.72% of the company’s stock.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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