Bank of America (NYSE:BAC) Stock Price Expected to Rise, Oppenheimer Analyst Says

Bank of America (NYSE:BAC) had its target price raised by Oppenheimer from $50.00 to $56.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price objective points to a potential upside of 23.38% from the company’s previous close.

A number of other research analysts have also commented on the stock. BMO Capital Markets boosted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Piper Sandler upgraded 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. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.97.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.39 on Tuesday. 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 has a fifty-two week low of $27.34 and a fifty-two week high of $45.55. The stock has a market cap of $348.27 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 1.40 and a beta of 1.32. The stock has a fifty day moving average of $40.72 and a 200-day moving average of $39.96.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. The company’s quarterly revenue was up .4% compared to the same quarter last year. Equities research analysts anticipate that Bank of America will post 3.26 earnings per share for the current year.

Bank of America declared that its board has approved a share repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. 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. In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the sale, the insider now directly owns 812,041,811 shares of the company’s stock, valued at $31,888,881,917.97. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. 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 113,067,817 shares of company stock worth $4,548,518,070. 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 made changes to their positions in the business. Delos Wealth Advisors LLC raised its stake in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 2nd quarter worth about $27,000. POM Investment Strategies LLC boosted its stake in 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 purchasing an additional 646 shares in the last quarter. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter valued at about $29,000. Finally, Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter worth about $30,000. Institutional investors own 70.71% of the company’s stock.

About Bank of America

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.