Bank of America Co. (NYSE:BAC) Receives $42.69 Consensus Target Price from Brokerages

Bank of America Co. (NYSE:BAC) has been assigned an average recommendation of “Moderate Buy” from the twenty-three ratings firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $42.69.

BAC has been the topic of several research reports. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Jefferies Financial Group raised their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Cfra reissued a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th.

Insider Buying and Selling

In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the transaction, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,078,718 shares of company stock valued at $4,548,920,425 over the last quarter. Company insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BAC. Centennial Wealth Advisory LLC boosted its holdings in Bank of America by 10.5% in the third quarter. Centennial Wealth Advisory LLC now owns 6,188 shares of the financial services provider’s stock worth $246,000 after purchasing an additional 588 shares during the period. Maia Wealth LLC lifted its position in shares of Bank of America by 7.4% in the 3rd quarter. Maia Wealth LLC now owns 15,535 shares of the financial services provider’s stock worth $663,000 after buying an additional 1,065 shares during the last quarter. Radnor Capital Management LLC boosted its holdings in shares of Bank of America by 75.1% in the 3rd quarter. Radnor Capital Management LLC now owns 12,005 shares of the financial services provider’s stock valued at $476,000 after buying an additional 5,150 shares during the period. Leslie Global Wealth LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at about $570,000. Finally, Catalina Capital Group LLC raised its stake in Bank of America by 9.5% during the third quarter. Catalina Capital Group LLC now owns 28,170 shares of the financial services provider’s stock worth $1,118,000 after acquiring an additional 2,436 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.4 %

Bank of America stock opened at $42.34 on Monday. Bank of America has a one year low of $25.72 and a one year high of $44.44. The stock has a market cap of $328.54 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.42 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50-day moving average of $40.44 and a two-hundred day moving average of $39.73.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period last year, the business earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts anticipate that Bank of America will post 3.26 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

About Bank of America

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.