Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its price target boosted by equities research analysts at Keefe, Bruyette & Woods from $50.00 to $57.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 21.17% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company boosted their target price 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. Evercore ISI upped their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Piper Sandler lifted their price target on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.57.

Bank of America Stock Down 1.0 %

Bank of America stock opened at $47.04 on Tuesday. The business has a fifty day moving average of $43.02 and a two-hundred day moving average of $41.02. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $360.93 billion, a P/E ratio of 17.10, a P/E/G ratio of 1.61 and a beta of 1.33. Bank of America has a twelve month low of $30.33 and a twelve month high of $48.08.

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

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the sale, the insider now owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. The trade was a 0.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 61,976,277 shares of company stock worth $2,503,269,682 over the last three months. 0.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently made changes to their positions in the company. Two Sigma Advisers LP lifted its stake in Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. 1832 Asset Management L.P. lifted its stake in Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after acquiring an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after acquiring an additional 4,423,215 shares in the last quarter. Finally, D1 Capital Partners L.P. bought a new position in shares of Bank of America during the third quarter valued at approximately $174,858,000. Institutional investors and hedge funds 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.