Bank of America (NYSE:BAC) Shares Up 0.2% Following Analyst Upgrade

Shares of Bank of America Co. (NYSE:BAC) traded up 0.2% during trading on Wednesday after Oppenheimer raised their price target on the stock from $48.00 to $49.00. Oppenheimer currently has an outperform rating on the stock. Bank of America traded as high as $39.54 and last traded at $39.28. 6,327,327 shares were traded during mid-day trading, a decline of 84% from the average session volume of 39,061,266 shares. The stock had previously closed at $39.22.

Several other research analysts have also recently issued reports on the stock. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Barclays upped their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Morgan Stanley decreased their price target on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $42.27.

Get Our Latest Stock Report on Bank of America

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The disclosure for this sale can be found here. Insiders have sold 147,650,481 shares of company stock worth $6,050,547,676 in the last ninety days. 0.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BAC. Fairway Wealth LLC acquired a new position in shares of Bank of America in the second quarter valued at about $27,000. Delos Wealth Advisors LLC raised its stake in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the period. POM Investment Strategies LLC grew its stake in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the 2nd quarter worth $30,000. Finally, Livelsberger Financial Advisory acquired a new position in Bank of America during the fourth quarter worth $28,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

The stock has a market capitalization of $306.87 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The stock’s 50 day moving average is $39.39 and its two-hundred day moving average is $39.10. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same period last year, the firm posted $0.88 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Friday, September 6th. Bank of America’s payout ratio is currently 35.99%.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Bank of America Company Profile

(Get Free Report)

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.

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