Piper Sandler Boosts Bank of America (NYSE:BAC) Price Target to $50.00

Bank of America (NYSE:BAC) had its target price lifted by analysts at Piper Sandler from $44.00 to $50.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 7.84% from the stock’s current price.

A number of other analysts have also recently commented on BAC. Oppenheimer boosted their price target on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Morgan Stanley upped their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.57.

Bank of America Price Performance

BAC stock opened at $46.37 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. The firm has a 50 day moving average price of $43.45 and a 200-day moving average price of $41.16. Bank of America has a 52-week low of $30.33 and a 52-week high of $48.08. The firm has a market capitalization of $355.75 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 1.59 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the firm posted $0.90 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Equities research analysts forecast that Bank of America will post 3.27 EPS for the current fiscal year.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24. Following the completion of the transaction, the insider now owns 854,214,328 shares of the company’s stock, valued at approximately $33,809,803,102.24. This trade represents a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 56,945,263 shares of company stock valued at $2,300,620,438 in the last 90 days. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BAC. Bush Investment Group LLC bought a new stake in Bank of America in the third quarter worth about $239,000. Oddo BHF Asset Management Sas bought a new stake in Bank of America in the third quarter worth about $1,670,000. Old North State Trust LLC bought a new stake in Bank of America in the third quarter worth about $202,000. Tidal Investments LLC lifted its stake in Bank of America by 4.5% in the third quarter. Tidal Investments LLC now owns 294,896 shares of the financial services provider’s stock worth $11,701,000 after purchasing an additional 12,748 shares during the last quarter. Finally, Destination Wealth Management lifted its stake in Bank of America by 58.0% in the third quarter. Destination Wealth Management now owns 11,444 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 4,202 shares during the last quarter. 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.