Bank of America’s (BAC) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Bank of America (NYSE:BAC)‘s stock had its “outperform” rating restated by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $46.00 price target on the financial services provider’s stock. Royal Bank of Canada’s target price points to a potential upside of 14.97% from the stock’s previous close.

BAC has been the subject of several other reports. Jefferies Financial Group increased their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Oppenheimer boosted their price objective on shares of Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Morgan Stanley lowered their target price on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Trading Up 0.2 %

NYSE:BAC traded up $0.08 during trading hours on Wednesday, hitting $40.01. The company had a trading volume of 6,027,146 shares, compared to its average volume of 38,754,676. Bank of America has a 1 year low of $24.96 and a 1 year high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average of $39.31 and a 200 day moving average of $39.20. The company has a market cap of $312.89 billion, a P/E ratio of 13.84, a P/E/G ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue was up .7% compared to the same quarter last year. During the same period last year, the business earned $0.88 earnings per share. Sell-side analysts expect that Bank of America will post 3.28 earnings per share for the current year.

Bank of America announced that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % 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. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 156,918,857 shares of company stock valued at $6,421,694,213. 0.29% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BAC. Hancock Whitney Corp increased its position in Bank of America by 0.3% in the 4th quarter. Hancock Whitney Corp now owns 132,995 shares of the financial services provider’s stock valued at $4,478,000 after acquiring an additional 386 shares during the period. Northwest Wealth Management LLC purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $213,000. Vivaldi Capital Management LP lifted its holdings in shares of Bank of America by 24.8% during the fourth quarter. Vivaldi Capital Management LP now owns 9,985 shares of the financial services provider’s stock worth $327,000 after purchasing an additional 1,984 shares during the period. Pitcairn Co. grew its position in Bank of America by 24.9% in the 4th quarter. Pitcairn Co. now owns 116,003 shares of the financial services provider’s stock valued at $3,906,000 after buying an additional 23,158 shares during the last quarter. Finally, Mango Investments LLC acquired a new position in Bank of America in the 4th quarter valued at $1,684,000. Institutional investors and hedge funds 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.