Bank of America (NYSE:BAC) Price Target Lowered to $54.00 at Oppenheimer

Bank of America (NYSE:BAC) had its price target reduced by Oppenheimer from $57.00 to $54.00 in a report issued on Friday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Barclays boosted their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Piper Sandler raised their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company upped their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.82.

Bank of America Stock Performance

NYSE:BAC opened at $44.81 on Friday. Bank of America has a 1 year low of $31.27 and a 1 year 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 business has a fifty day simple moving average of $45.11 and a two-hundred day simple moving average of $41.94. The company has a market capitalization of $343.82 billion, a P/E ratio of 16.29, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.90 EPS. On average, analysts expect that Bank of America will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a $0.26 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 16,772,932 shares of company stock valued at $693,852,472. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Founders Financial Securities LLC increased its holdings in Bank of America by 69.6% during the 2nd quarter. Founders Financial Securities LLC now owns 13,137 shares of the financial services provider’s stock valued at $522,000 after purchasing an additional 5,390 shares during the period. Stablepoint Partners LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $316,000. FineMark National Bank & Trust raised its holdings in shares of Bank of America by 1.2% during the second quarter. FineMark National Bank & Trust now owns 98,163 shares of the financial services provider’s stock valued at $3,904,000 after acquiring an additional 1,169 shares in the last quarter. Range Financial Group LLC boosted its holdings in Bank of America by 7.2% in the second quarter. Range Financial Group LLC now owns 8,183 shares of the financial services provider’s stock valued at $325,000 after acquiring an additional 551 shares in the last quarter. Finally, Columbia Asset Management increased its position in Bank of America by 1.7% during the 2nd quarter. Columbia Asset Management now owns 30,166 shares of the financial services provider’s stock valued at $1,200,000 after purchasing an additional 502 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.