Bank of America Co. (NYSE:BAC) Receives $42.27 Average Price Target from Analysts

Bank of America Co. (NYSE:BAC) has received an average rating of “Moderate Buy” from the twenty-two ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $42.27.

Several research analysts recently issued reports on BAC shares. Oppenheimer upped their price target on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group increased their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. 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 report on Tuesday, September 3rd. Finally, Barclays lifted their target price on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction on 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 transaction, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 value of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,918,857 shares of company stock valued at $6,421,694,213 over the last three months. Company insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Affinity Capital Advisors LLC grew its position in shares of Bank of America by 42.8% during the 3rd quarter. Affinity Capital Advisors LLC now owns 10,720 shares of the financial services provider’s stock worth $425,000 after purchasing an additional 3,215 shares in the last quarter. Versant Capital Management Inc lifted its stake in Bank of America by 16.8% in the 3rd quarter. Versant Capital Management Inc now owns 8,655 shares of the financial services provider’s stock valued at $343,000 after purchasing an additional 1,243 shares during the last quarter. Bath Savings Trust Co boosted its holdings in shares of Bank of America by 5.5% during the 3rd quarter. Bath Savings Trust Co now owns 9,620 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 500 shares in the last quarter. Verde Servicos Internacionais S.A. bought a new stake in shares of Bank of America during the third quarter worth about $10,880,000. Finally, Cohen Investment Advisors LLC raised its holdings in Bank of America by 12.3% in the 3rd quarter. Cohen Investment Advisors LLC now owns 82,204 shares of the financial services provider’s stock valued at $3,262,000 after buying an additional 8,989 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE BAC opened at $39.96 on Thursday. The firm has a market cap of $312.50 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 1.37 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 has a 1-year low of $24.96 and a 1-year high of $44.44. The company has a 50 day moving average of $39.36 and a 200-day moving average of $39.16.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 EPS. On average, equities analysts forecast that Bank of America will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.60%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

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

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.