Bank of America (NYSE:BAC) Price Target Raised to $58.00

Bank of America (NYSE:BAC) had its price objective lifted by Barclays from $53.00 to $58.00 in a report issued on Monday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on BAC. Piper Sandler boosted their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. Finally, Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and increased 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, seven have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Price Performance

NYSE BAC opened at $46.21 on Monday. Bank of America has a 52-week low of $31.27 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $354.56 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a 50 day simple moving average of $45.38 and a 200-day simple moving average of $42.12.

Bank of America (NYSE:BAC) last released 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. 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 the consensus estimate of $25.25 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. The firm’s revenue was up .4% on a year-over-year basis. Equities research analysts predict that Bank of America will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. Bank of America’s payout ratio is 37.82%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction 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 sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Fairway Wealth LLC acquired a new stake in Bank of America in the 2nd quarter valued at about $27,000. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter worth $29,000. Christopher J. Hasenberg Inc boosted its holdings in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the period. Northwest Investment Counselors LLC acquired a new stake in Bank of America during the third quarter worth approximately $45,000. Finally, Truvestments Capital LLC bought a new position in shares of Bank of America in the third quarter worth $73,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.