Oppenheimer Has Lowered Expectations for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective lowered by analysts at Oppenheimer from $57.00 to $54.00 in a report issued on Friday,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 20.51% from the company’s current price.

BAC has been the topic of a number of other research reports. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Evercore ISI boosted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.82.

Bank of America Price Performance

BAC stock opened at $44.81 on Friday. The business’s fifty day moving average price is $45.17 and its 200 day moving average price is $41.98. Bank of America has a 12-month low of $31.27 and a 12-month high of $48.08. The company has a market capitalization of $343.82 billion, a PE ratio of 16.29, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the company earned $0.90 earnings per share. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America will post 3.27 EPS for the current year.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the transaction, the insider now owns 784,549,933 shares of the company’s stock, valued at $31,421,224,816.65. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 16,772,932 shares of company stock valued at $693,852,472 in the last ninety days. 0.29% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BAC. Geode Capital Management LLC lifted its stake in shares of Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Legal & General Group Plc boosted its holdings in Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Fisher Asset Management LLC increased its position in Bank of America by 4.0% during the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after purchasing an additional 1,731,003 shares during the period. Sanders Capital LLC raised its stake in shares of Bank of America by 2.8% during the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after buying an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its holdings in shares of Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after buying an additional 59,853 shares during the period. 70.71% of the stock is currently owned by hedge funds and other 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.