Bank of America (NYSE:BAC) Price Target Increased to $49.00 by Analysts at Oppenheimer

Bank of America (NYSE:BAC) had its price objective increased by Oppenheimer from $48.00 to $49.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price suggests a potential upside of 24.87% from the stock’s current price.

A number of other analysts also recently commented on BAC. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Jefferies Financial Group raised their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Royal Bank of Canada raised their target price on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.27.

Bank of America Trading Up 0.1 %

Shares of BAC stock traded up $0.02 during mid-day trading on Wednesday, hitting $39.24. 1,860,764 shares of the company’s stock were exchanged, compared to its average volume of 39,037,758. The stock has a market cap of $306.87 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.37 and a beta of 1.33. The stock has a 50-day simple moving average of $39.50 and a two-hundred day simple moving average of $39.09. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the business earned $0.88 EPS. The firm’s revenue was up .7% on a year-over-year basis. Equities analysts expect that Bank of America will post 3.28 EPS for the current fiscal year.

Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The disclosure for this sale can be found here. In the last 90 days, insiders sold 140,942,405 shares of company stock worth $5,785,202,516. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Bank of America

Large investors have recently made changes to their positions in the business. Barometer Capital Management Inc. bought a new position in shares of Bank of America in the fourth quarter valued at $2,175,000. Brevan Howard Capital Management LP acquired a new stake in shares of Bank of America during the fourth quarter valued at approximately $3,601,000. American National Bank & Trust Co. VA purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $1,322,000. Citizens Financial Group Inc. RI boosted its stake in Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares during the period. Finally, Foster Group Inc. grew its position in Bank of America by 19.4% during the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after purchasing an additional 1,457 shares in the last quarter. Institutional investors own 70.71% 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 four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.