Bank of America (NYSE:BAC) Price Target Increased to $49.00 by Analysts at Oppenheimer

Bank of America (NYSE:BAC) had its price target raised by Oppenheimer from $48.00 to $49.00 in a report released on Wednesday, Benzinga reports. Oppenheimer currently has an outperform rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group boosted their target price on Bank of America from $39.00 to $41.00 and gave the company a hold rating in a research note on Wednesday, July 3rd. BMO Capital Markets increased their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a market perform rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a hold rating to a buy rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Piper Sandler upgraded Bank of America from an underweight rating to a neutral rating and boosted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Evercore ISI upped their price target on Bank of America from $43.00 to $46.00 and gave the company an outperform rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $42.27.

Bank of America Stock Up 0.0 %

Shares of NYSE BAC opened at $39.23 on Wednesday. The stock has a market capitalization of $306.79 billion, a P/E ratio of 13.57, a PEG ratio of 1.37 and a beta of 1.33. Bank of America has a one year low of $24.96 and a one year high of $44.44. The firm’s 50 day simple moving average is $39.44 and its two-hundred day simple moving average is $39.09. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.88 EPS. As a group, analysts expect that Bank of America will post 3.28 EPS for the current fiscal year.

Bank of America declared that its board has initiated a stock buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

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

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America 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 transaction, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated 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 directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. Insiders have sold a total of 147,650,481 shares of company stock valued at $6,050,547,676 in the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Bank of America

A number of institutional investors and hedge funds have recently modified their holdings of BAC. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the second quarter valued at $27,000. Delos Wealth Advisors LLC raised its position in Bank of America by 402.2% in 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 last quarter. POM Investment Strategies LLC lifted its stake in Bank of America by 839.0% during 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 shares of Bank of America during the 2nd quarter valued at about $30,000. Finally, Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the fourth quarter worth approximately $28,000. 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.