Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its target price raised by equities research analysts at Keefe, Bruyette & Woods from $50.00 to $57.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 22.94% from the stock’s current price.

BAC has been the topic of several other reports. Morgan Stanley raised their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Piper Sandler raised their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Barclays raised their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $45.57.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.37 on Tuesday. The company has a market cap of $355.75 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 1.59 and a beta of 1.33. Bank of America has a 12 month low of $30.33 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50-day simple moving average of $43.45 and a 200-day simple moving average of $41.16.

Bank of America (NYSE:BAC) last issued its quarterly 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. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 earnings per share. On average, equities analysts anticipate that Bank of America will post 3.27 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24. Following the completion of the sale, the insider now owns 854,214,328 shares in the company, valued at approximately $33,809,803,102.24. The trade was a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 56,945,263 shares of company stock worth $2,300,620,438. Insiders own 0.29% of the company’s stock.

Institutional Trading of Bank of America

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Two Sigma Advisers LP increased its stake in Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. 1832 Asset Management L.P. increased its stake in Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after purchasing an additional 5,749,567 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC increased its stake in Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares during the last quarter. Finally, D1 Capital Partners L.P. bought a new stake in Bank of America during the third quarter valued at $174,858,000. 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.