Bank of America Co. (NYSE:BAC) Receives $45.92 Consensus Target Price from Analysts

Bank of America Co. (NYSE:BAC) has been assigned a consensus rating of “Moderate Buy” from the twenty-two brokerages that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $45.92.

A number of brokerages have issued reports on BAC. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Piper Sandler increased their price objective 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. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Evercore ISI boosted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the sale, the insider now owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. The trade was a 0.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 39,835,159 shares of company stock worth $1,609,712,663. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Fairway Wealth LLC acquired a new stake in Bank of America during the 2nd quarter worth $27,000. POM Investment Strategies LLC boosted its stake in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank purchased a new position in shares of Bank of America during the third quarter worth about $29,000. Christopher J. Hasenberg Inc increased its position 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 acquiring an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America during the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $44.17 on Tuesday. 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 stock’s 50 day simple moving average is $44.78 and its 200-day simple moving average is $41.66. The company has a market cap of $338.91 billion, a PE ratio of 16.06, a price-to-earnings-growth 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.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company posted $0.90 EPS. The business’s revenue was up .4% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

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.