Bank of America (NYSE:BAC) Stock Price Expected to Rise, Barclays Analyst Says

Bank of America (NYSE:BAC) had its price target hoisted by equities research analysts at Barclays from $53.00 to $58.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price would suggest a potential upside of 25.81% from the stock’s previous close.

Several other analysts have also commented on the company. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Oppenheimer cut their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

NYSE BAC opened at $46.10 on Monday. 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 company has a market capitalization of $353.72 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.55 and a beta of 1.33. The stock has a 50-day moving average of $45.30 and a 200 day moving average of $42.09. Bank of America has a one year low of $31.27 and a one year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 earnings per share. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America will post 3.27 EPS for the current year.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America 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 sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BAC. Range Financial Group LLC bought a new stake in shares of Bank of America in the 4th quarter worth about $385,000. Spartan Planning & Wealth Management purchased a new position in Bank of America in the fourth quarter worth about $671,000. Regent Peak Wealth Advisors LLC increased its stake in Bank of America by 10.3% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock worth $526,000 after acquiring an additional 1,116 shares during the last quarter. Diversified Trust Co raised its position in Bank of America by 29.7% during the fourth quarter. Diversified Trust Co now owns 210,281 shares of the financial services provider’s stock valued at $9,242,000 after purchasing an additional 48,209 shares during the period. Finally, Canandaigua National Bank & Trust Co. lifted its stake in shares of Bank of America by 7.7% in the 4th quarter. Canandaigua National Bank & Trust Co. now owns 119,889 shares of the financial services provider’s stock valued at $5,269,000 after purchasing an additional 8,543 shares during the last quarter. 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.