Oppenheimer Issues Pessimistic Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective cut by investment analysts at Oppenheimer from $57.00 to $54.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price points to a potential upside of 21.48% from the company’s current price.

A number of other equities analysts have also recently weighed in on BAC. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Phillip Securities raised shares of 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. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $45.82.

Bank of America Trading Up 0.4 %

BAC traded up $0.16 during trading on Friday, hitting $44.45. 6,354,912 shares of the company’s stock were exchanged, compared to its average volume of 15,644,311. Bank of America has a 1 year low of $31.27 and a 1 year high of $48.08. The stock has a 50 day moving average price of $45.08 and a 200 day moving average price of $41.92. The firm has a market cap of $341.06 billion, a P/E ratio of 16.16, a price-to-earnings-growth 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 announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. As a group, analysts expect that Bank of America will post 3.27 EPS for the current fiscal year.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of Bank of America stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the sale, the insider now directly owns 776,614,511 shares in the company, valued at $31,173,306,471.54. This trade represents a 0.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 16,772,932 shares of company stock worth $693,852,472 in the last 90 days. 0.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently made changes to their positions in the business. Fairway Wealth LLC acquired a new position in Bank of America during the 2nd quarter worth $27,000. Kennebec Savings Bank bought a new stake in shares of Bank of America during the third quarter valued at about $29,000. Christopher J. Hasenberg Inc lifted its holdings in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Northwest Investment Counselors LLC bought a new position in Bank of America in the 3rd quarter valued at about $45,000. Finally, Truvestments Capital LLC acquired a new position in Bank of America during the 3rd quarter valued at about $73,000. Institutional investors 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.