This follows the news that the US Federal Reserve has raised its key interest rate by 0.25%, for the first time in a year, and only the second time since the 2008 financial crisis.
Shares of Bank of America closed today at $22.67, up $0.06 or 0.27%. BAC has a 1-year high of $23.30 and a 1-year low of $10.99. The stock’s 50-day moving average is $19.54 and its 200-day moving average is $16.03.
On the ratings front, BAC stock has been the subject of a number of recent research reports. In a report issued on December 6, CLSA analyst Mike Mayo maintained a Buy rating on BAC, with a price target of $25, which implies an upside of 12% from current levels. Separately, on December 2, Jefferies’ Jason Kupferberg reiterated a Buy rating on the stock.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mike Mayo and Jason Kupferberg have a yearly average return of 5.3% and 10.0% respectively. Mayo has a success rate of 63% and is ranked #1168 out of 4285 analysts, while Kupferberg has a success rate of 69% and is ranked #175.
Overall, 7 research analysts have assigned a Hold rating and 11 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $19.20 which is -13.9% under where the stock opened today.