Bank of America (NYSE:BAC) PT Raised to $49.00

Bank of America (NYSE:BAC) had its price objective upped by stock analysts at Oppenheimer from $48.00 to $49.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price suggests a potential upside of 24.87% from the stock’s previous close.

A number of other brokerages also recently issued reports on BAC. Piper Sandler Companies raised 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 research report on Tuesday, July 9th. Royal Bank of Canada boosted their target price on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Jefferies Financial Group boosted their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Evercore ISI upped their price objective on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.27.

Bank of America Price Performance

Shares of NYSE BAC opened at $39.24 on Wednesday. Bank of America has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a market capitalization of $306.87 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.37 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’s 50 day simple moving average is $39.39 and its 200-day simple moving average is $39.10.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. Analysts expect that Bank of America will post 3.28 EPS for the current year.

Bank of America announced that its board has initiated a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,650,481 shares of company stock worth $6,050,547,676. 0.29% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BAC. Campbell & CO Investment Adviser LLC bought a new position in shares of Bank of America in the 4th quarter worth $1,090,000. CIBC Private Wealth Group LLC raised its stake in Bank of America by 2.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 406,033 shares of the financial services provider’s stock worth $13,671,000 after buying an additional 8,158 shares during the period. Capital Research Global Investors acquired a new stake in Bank of America during the 4th quarter worth $15,031,000. Capital World Investors raised its stake in Bank of America by 12.1% during the 4th quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after buying an additional 4,338,679 shares during the period. Finally, Exencial Wealth Advisors LLC raised its stake in Bank of America by 7.9% during the 4th quarter. Exencial Wealth Advisors LLC now owns 51,631 shares of the financial services provider’s stock worth $1,738,000 after buying an additional 3,791 shares during the period. 70.71% of the stock is currently owned by institutional investors.

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.