Bank of America (NYSE:BAC) Price Target Raised to $57.00 at Keefe, Bruyette & Woods

Bank of America (NYSE:BAC) had its price target lifted by Keefe, Bruyette & Woods from $50.00 to $57.00 in a report published on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on BAC. Barclays increased their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Finally, Oppenheimer increased their target price on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.57.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $47.01 on Tuesday. 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 has a 12 month low of $30.44 and a 12 month high of $48.08. The company has a market capitalization of $360.70 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.58 and a beta of 1.33. The firm’s 50-day moving average is $43.60 and its 200 day moving average is $41.20.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. Research analysts predict that Bank of America will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the sale, the insider now directly owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. This trade represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 56,945,263 shares of company stock valued at $2,300,620,438 over the last quarter. 0.29% of the stock is currently owned by insiders.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Simplicity Wealth LLC increased its stake in Bank of America by 9.2% during the second quarter. Simplicity Wealth LLC now owns 176,710 shares of the financial services provider’s stock worth $7,028,000 after purchasing an additional 14,887 shares during the period. Csenge Advisory Group lifted its holdings in Bank of America by 6.6% during the 2nd quarter. Csenge Advisory Group now owns 43,531 shares of the financial services provider’s stock worth $1,731,000 after buying an additional 2,713 shares in the last quarter. CX Institutional boosted its position in Bank of America by 3.0% in the 2nd quarter. CX Institutional now owns 31,596 shares of the financial services provider’s stock valued at $1,257,000 after buying an additional 925 shares during the period. Bourgeon Capital Management LLC grew its stake in shares of Bank of America by 1.5% in the second quarter. Bourgeon Capital Management LLC now owns 287,839 shares of the financial services provider’s stock worth $11,447,000 after acquiring an additional 4,358 shares in the last quarter. Finally, Cherrydale Wealth Management LLC increased its position in shares of Bank of America by 5.6% during the second quarter. Cherrydale Wealth Management LLC now owns 9,618 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 507 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

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.