Vining Sparks Starts Coverage on Bank of America (NYSE:BAC)

Vining Sparks Starts Coverage on Bank of America (NYSE:BAC)

The analysts wrote, “Bank of America’s strong fundamental earnings momentum & the impact of tax reform continues to validate our expectations for 45% earnings growth in 2018E. We would also highlight that this strong earnings momentum has improved Bank of America’s ROTCE by over 3 full percentage points in 1Q’18 and should improve its ROTCE by over another full percentage point by the end of 2018E. Therefore, we believe Bank of America’s price-to-tangible book value should improve towards 195%, suggesting over 15% upside potential.””

Stock analysts at Vining Sparks assumed coverage on shares of Bank of America (NYSE:BAC) in a research note issued to investors on Monday, April 16th. The firm set a “buy” rating and a $35.00 price target on the financial services provider’s stock. Vining Sparks’ target price indicates a potential upside of 16.94% from the stock’s current price.

BAC has been the topic of a number of other reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $35.00 price target on shares of Bank of America in a research note on Thursday, April 5th. Vetr raised Bank of America from a “buy” rating to a “strong-buy” rating and set a $34.96 price target on the stock in a research note on Friday, March 23rd. Credit Suisse Group boosted their price objective on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, March 16th. Zacks Investment Research lowered Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Finally, Morgan Stanley boosted their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Nine equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $32.13.

Shares of BAC stock opened at $29.93 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market cap of $303.62 billion, a P/E ratio of 14.60, a P/E/G ratio of 1.45 and a beta of 1.37. Bank of America has a twelve month low of $22.07 and a twelve month high of $33.05.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.03. The company had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.04 billion. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. Bank of America’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period last year, the business earned $0.41 earnings per share. equities analysts predict that Bank of America will post 2.55 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in shares of Bank of America by 5.8% in the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock valued at $3,086,572,000 after purchasing an additional 5,720,403 shares during the period. Legal & General Group Plc boosted its position in shares of Bank of America by 0.7% in the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Bank of America by 13.6% in the 3rd quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock valued at $1,017,645,000 after purchasing an additional 4,801,300 shares during the period. UBS Asset Management Americas Inc. boosted its position in shares of Bank of America by 3.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock valued at $1,175,286,000 after purchasing an additional 1,403,412 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Bank of America by 0.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 34,514,599 shares of the financial services provider’s stock valued at $1,035,093,000 after purchasing an additional 247,700 shares during the period. 69.96% of the stock is owned by institutional investors and hedge funds.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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