Bank of America (NYSE:BAC) PT Raised to $50.00 at Keefe, Bruyette & Woods

Bank of America (NYSE:BAC) had its target price hoisted by Keefe, Bruyette & Woods from $48.00 to $50.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 18.57% from the stock’s current price.

Several other brokerages have also commented on BAC. Evercore ISI increased their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group upped their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Oppenheimer lifted their target price on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $42.47.

Bank of America Trading Up 0.1 %

Shares of Bank of America stock opened at $42.17 on Wednesday. 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 has a 1 year low of $24.96 and a 1 year high of $44.44. The firm has a market cap of $329.79 billion, a PE ratio of 14.57, a PEG ratio of 1.39 and a beta of 1.33. The company has a 50 day simple moving average of $39.62 and a two-hundred day simple moving average of $39.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 EPS. Analysts expect that Bank of America will post 3.25 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved 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 purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the transaction, the insider now owns 812,041,811 shares in the company, valued at $31,888,881,917.97. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,230,389 shares of company stock worth $6,023,064,684. 0.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of America

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. American National Bank & Trust Co. VA bought a new stake in Bank of America during the first quarter worth about $1,322,000. Citizens Financial Group Inc. RI boosted its position in shares of Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares in the last quarter. Foster Group Inc. grew its stake in shares of Bank of America by 19.4% in the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after buying an additional 1,457 shares during the last quarter. Councilmark Asset Management LLC purchased a new position in Bank of America during the first quarter valued at $771,000. Finally, SteelPeak Wealth LLC boosted its holdings in Bank of America by 37.7% in the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after acquiring an additional 14,901 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.