Bank of America (NYSE:BAC) Stock Price Expected to Rise, Barclays Analyst Says

Bank of America (NYSE:BAC) had its price target increased by stock analysts at Barclays from $53.00 to $58.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price points to a potential upside of 26.94% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Piper Sandler upped their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Oppenheimer dropped their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $46.07.

Bank of America Stock Up 2.0 %

Shares of NYSE BAC traded up $0.88 during mid-day trading on Monday, reaching $45.69. 15,677,015 shares of the company traded hands, compared to its average volume of 21,308,057. The company’s fifty day moving average is $45.17 and its two-hundred day moving average is $42.01. 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 has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The stock has a market cap of $350.57 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 earnings per share. On average, analysts expect that Bank of America will post 3.27 earnings per share for the current year.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was 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 owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Bank of America

A number of institutional investors have recently added to or reduced their stakes in the company. Longfellow Investment Management Co. LLC raised its holdings in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. raised its stake in Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after buying an additional 231 shares during the period. Integrity Financial Corp WA lifted its position in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares during the last quarter. Cahill Financial Advisors Inc. increased its holdings in shares of Bank of America by 2.1% during the 3rd quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock worth $485,000 after acquiring an additional 249 shares during the last quarter. Finally, Chicago Capital LLC raised its stake in Bank of America by 1.8% in the 3rd quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after acquiring an additional 250 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.