Bank of America (NYSE:BAC) Stock Price Up 1.2% After Analyst Upgrade

Bank of America Co. (NYSE:BAC) shot up 1.2% on Tuesday after Oppenheimer raised their price target on the stock from $50.00 to $56.00. Oppenheimer currently has an outperform rating on the stock. Bank of America traded as high as $42.00 and last traded at $41.82. 4,198,919 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 38,213,281 shares. The stock had previously closed at $41.33.

Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Cfra reaffirmed a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.97.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the sale, the insider now owns 937,246,053 shares in the company, valued at $36,843,142,343.43. 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 other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the completion of the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,067,817 shares of company stock worth $4,548,518,070 in the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bank of America

Institutional investors and hedge funds have recently bought and sold shares of the stock. Delos Wealth Advisors LLC boosted its stake in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new position in shares of Bank of America during the second quarter valued at approximately $27,000. POM Investment Strategies LLC raised its holdings in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank purchased a new position in shares of Bank of America during the 3rd quarter worth $29,000. Finally, Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the second quarter worth $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

The stock has a 50-day moving average price of $40.72 and a 200 day moving average price of $39.96. The firm has a market cap of $348.27 billion, a PE ratio of 16.51, a P/E/G ratio of 1.40 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned $0.90 earnings per share. Research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

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

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.