Bank of America (NYSE:BAC) Rating Increased to Buy at HSBC

Bank of America (NYSE:BAC) was upgraded by analysts at HSBC from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $50.00 target price on the financial services provider’s stock. HSBC’s price objective indicates a potential upside of 10.16% from the stock’s current price.

A number of other brokerages have also issued reports on BAC. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Piper Sandler upped their price target on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Truist Financial initiated coverage on shares of Bank of America in a report on Tuesday. They issued a “buy” rating and a $52.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Performance

NYSE:BAC opened at $45.39 on Tuesday. The firm has a market capitalization of $348.27 billion, a PE ratio of 16.51, a PEG ratio of 1.55 and a beta of 1.33. Bank of America has a 1 year low of $31.27 and a 1 year high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm’s fifty day simple moving average is $45.23 and its 200 day simple moving average is $42.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates 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 firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. On average, sell-side analysts anticipate that Bank of America will post 3.27 EPS for the current year.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of America

Several hedge funds have recently added to or reduced their stakes in the company. Fairway Wealth LLC acquired a new position in Bank of America during the 2nd quarter valued at about $27,000. Kennebec Savings Bank bought a new stake in shares of Bank of America during the third quarter worth approximately $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 valued at $40,000 after buying an additional 852 shares during the period. Northwest Investment Counselors LLC bought a new position in Bank of America in the third quarter valued at approximately $45,000. Finally, Truvestments Capital LLC acquired a new stake in Bank of America during the 3rd quarter worth $73,000. 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.