Weekly Research Analysts’ Ratings Changes for Bank of America (BAC)

Bank of America (NYSE: BAC) recently received a number of ratings updates from brokerages and research firms:

• 10/18/2024 – Bank of America was upgraded by analysts at Phillip Securities from a “neutral” rating to an “accumulate” rating. They now have a $44.00 price target on the stock.
• 10/16/2024 – Bank of America had its price target raised by analysts at Barclays PLC from $49.00 to $53.00. They now have an “overweight” rating on the stock.
• 10/16/2024 – Bank of America had its price target raised by analysts at Morgan Stanley from $47.00 to $48.00. They now have an “overweight” rating on the stock.
• 10/16/2024 – Bank of America had its price target raised by analysts at Evercore ISI from $44.00 to $45.00. They now have an “outperform” rating on the stock.
• 10/16/2024 – Bank of America had its price target raised by analysts at Keefe, Bruyette & Woods from $48.00 to $50.00. They now have an “outperform” rating on the stock.
• 10/16/2024 – Bank of America had its price target raised by analysts at Oppenheimer Holdings Inc. from $49.00 to $50.00. They now have an “outperform” rating on the stock.
• 10/16/2024 – Bank of America was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 10/9/2024 – Bank of America had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $46.00 price target on the stock.
• 10/2/2024 – Bank of America was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
• 10/2/2024 – Bank of America had its price target raised by analysts at Oppenheimer Holdings Inc. from $48.00 to $49.00. They now have an “outperform” rating on the stock.
• 9/30/2024 – Bank of America had its price target lowered by analysts at Morgan Stanley from $49.00 to $47.00. They now have an “overweight” rating on the stock.
• 9/3/2024 – Bank of America was upgraded by analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating. They now have a $45.00 price target on the stock.

Bank of America Stock Up 0.7 %

Shares of NYSE:BAC traded up $0.30 during mid-day trading on Thursday, hitting $42.64. 28,389,413 shares of the company traded hands, compared to its average volume of 38,695,805. The firm’s 50 day simple moving average is $40.11 and its 200 day simple moving average is $39.53. The firm has a market cap of $333.46 billion, a P/E ratio of 14.75, a PEG ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44.

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, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 earnings per share. On average, equities analysts anticipate that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. Bank of America’s payout ratio is currently 35.99%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $41.70, for a total value of $313,861,763.70. Following the transaction, the insider now owns 966,911,316 shares in the company, valued at approximately $40,320,201,877.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $41.70, for a total value of $313,861,763.70. Following the sale, the insider now directly owns 966,911,316 shares of the company’s stock, valued at $40,320,201,877.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now 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 disclosure for this sale can be found here. Insiders sold 132,863,500 shares of company stock worth $5,363,830,468 over the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Institutional Trading of Bank of America

Hedge funds and other institutional investors have recently bought and sold shares of the company. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% in the 1st 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 acquired a new stake in shares of Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC lifted its position in shares of 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 worth $29,000 after buying an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at about $30,000. Finally, Clearstead Trust LLC grew its position in shares of Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after buying an additional 834 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

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.