Bank of America (NYSE:BAC) Given New $54.00 Price Target at Oppenheimer

Bank of America (NYSE:BAC) had its target price cut by Oppenheimer from $57.00 to $54.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

BAC has been the subject of several other research reports. Piper Sandler lifted their price target on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $48.00 to $55.00 in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $45.82.

Bank of America Trading Up 1.2 %

Shares of NYSE BAC opened at $44.81 on Friday. The stock has a market cap of $343.82 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. 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 has a 1 year low of $31.27 and a 1 year high of $48.08. The firm has a 50-day moving average of $45.11 and a 200 day moving average of $41.94.

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the firm posted $0.90 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. Bank of America’s payout ratio is currently 37.82%.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 16,772,932 shares of company stock valued at $693,852,472. 0.29% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BAC. First Citizens Financial Corp raised its holdings in Bank of America by 5.9% during the fourth quarter. First Citizens Financial Corp now owns 16,532 shares of the financial services provider’s stock valued at $727,000 after acquiring an additional 925 shares during the period. Modus Advisors LLC bought a new stake in Bank of America during the 4th quarter valued at approximately $178,000. GAMMA Investing LLC lifted its holdings in Bank of America by 9.3% in the 4th quarter. GAMMA Investing LLC now owns 103,092 shares of the financial services provider’s stock worth $4,531,000 after purchasing an additional 8,805 shares in the last quarter. Versant Capital Management Inc grew its holdings in Bank of America by 43.7% during the 4th quarter. Versant Capital Management Inc now owns 12,436 shares of the financial services provider’s stock valued at $547,000 after buying an additional 3,781 shares in the last quarter. Finally, Trust Co of the South raised its position in shares of Bank of America by 2.7% during the fourth quarter. Trust Co of the South now owns 11,813 shares of the financial services provider’s stock valued at $519,000 after buying an additional 310 shares during the last quarter. Hedge funds and other 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.