Bank of America (NYSE:BAC) Lifted to “Buy” at Deutsche Bank Aktiengesellschaft

Bank of America (NYSE:BAC) was upgraded by research analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a report released on Tuesday, Marketbeat reports. The brokerage presently has a $45.00 price target on the financial services provider’s stock. Deutsche Bank Aktiengesellschaft’s price target would suggest a potential upside of 11.14% from the stock’s current price.

BAC has been the topic of several other reports. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Royal Bank of Canada lifted their price objective on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Trading Down 0.5 %

NYSE BAC opened at $40.49 on Tuesday. The stock has a market cap of $316.65 billion, a PE ratio of 14.01, a PEG ratio of 1.46 and a beta of 1.35. Bank of America has a 12 month low of $24.96 and a 12 month high of $44.44. The company’s 50-day moving average price is $40.30 and its 200-day moving average price is $38.45. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the prior year, the firm earned $0.88 EPS. The company’s revenue for the quarter was up .7% compared to the same quarter last year. Equities research analysts forecast that Bank of America will post 3.28 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,607,967 shares of company stock worth $4,122,466,245. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Bank of America during the 4th quarter valued at about $3,734,407,000. Vanguard Group Inc. raised its position in Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Finally, AMF Tjanstepension AB grew its stake in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after purchasing an additional 8,447,091 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.