Barclays Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective lifted by Barclays from $53.00 to $58.00 in a report published on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

Other equities analysts have also recently issued research reports about the stock. Oppenheimer cut their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday. Piper Sandler upped their price objective on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.07.

Bank of America Trading Up 1.3 %

NYSE:BAC opened at $45.39 on Monday. The company has a market cap of $348.27 billion, a PE ratio of 16.51, a P/E/G ratio of 1.55 and a beta of 1.33. The business’s 50 day moving average is $45.23 and its two-hundred day moving average is $42.04. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America has a 52 week low of $31.27 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. On average, analysts predict that Bank of America will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total value of $160,649,311.50. Following the completion of the sale, the insider now directly owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. The trade was a 0.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of America

A number of institutional investors have recently modified their holdings of the company. Accent Capital Management LLC raised its holdings in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments increased its stake in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.2% during 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 purchasing an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP boosted its stake in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. acquired a new stake in Bank of America in the 3rd quarter valued at approximately $550,000. 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.