Brokerages Set Bank of America Co. (NYSE:BAC) PT at $45.92

by · The Markets Daily

Shares of Bank of America Co. (NYSE:BAC) have been assigned an average rating of “Moderate Buy” from the twenty-two research firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $45.92.

A number of analysts recently weighed in on BAC shares. Piper Sandler increased their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Barclays upped their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th.

View Our Latest Stock Analysis on Bank of America

Bank of America Trading Down 0.6 %

BAC opened at $43.89 on Tuesday. Bank of America has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The company has a market cap of $336.76 billion, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. 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 firm has a 50 day simple moving average of $44.78 and a 200 day simple moving average of $41.67.

Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company earned $0.90 EPS. The firm’s revenue was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $39.52, for a total value of $154,725,779.52. Following the completion of the sale, the insider now owns 802,668,860 shares in the company, valued at $31,721,473,347.20. The trade was a 0.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 34,893,756 shares of company stock valued at $1,412,353,027. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Bank of America

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Focus Financial Network Inc. lifted its position in shares of Bank of America by 19.1% during the 2nd quarter. Focus Financial Network Inc. now owns 57,612 shares of the financial services provider’s stock valued at $2,534,000 after acquiring an additional 9,229 shares during the period. Vicus Capital raised its stake in Bank of America by 16.3% in the second quarter. Vicus Capital now owns 14,036 shares of the financial services provider’s stock valued at $558,000 after purchasing an additional 1,967 shares in the last quarter. Iowa State Bank lifted its position in Bank of America by 63.4% during the second quarter. Iowa State Bank now owns 71,404 shares of the financial services provider’s stock worth $2,840,000 after purchasing an additional 27,703 shares during the period. Benchmark Financial Wealth Advisors LLC grew its stake in Bank of America by 9.5% during the second quarter. Benchmark Financial Wealth Advisors LLC now owns 23,427 shares of the financial services provider’s stock worth $932,000 after buying an additional 2,033 shares in the last quarter. Finally, Perennial Advisors LLC increased its holdings in Bank of America by 19.3% in the 2nd quarter. Perennial Advisors LLC now owns 9,265 shares of the financial services provider’s stock valued at $368,000 after buying an additional 1,500 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

About Bank of America

(Get Free Report

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.

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