Bank of America (NYSE:BAC) Price Target Raised to $60.00 at Wells Fargo & Company

Bank of America (NYSE:BAC) had its price target raised by Wells Fargo & Company from $56.00 to $60.00 in a report issued on Tuesday, Marketbeat reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other analysts also recently weighed in on the company. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and raised their target price for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Truist Financial boosted their price target on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $50.61.

Bank of America Stock Up 0.2%

Shares of NYSE:BAC opened at $50.68 on Tuesday. The firm has a market capitalization of $375.38 billion, a PE ratio of 14.82, a price-to-earnings-growth ratio of 1.96 and a beta of 1.34. The business has a 50 day simple moving average of $48.24 and a two-hundred day simple moving average of $44.36. Bank of America has a 1 year low of $33.06 and a 1 year high of $51.09. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the company earned $0.83 EPS. Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities analysts predict that Bank of America will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in Bank of America by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock valued at $6,982,863,000 after purchasing an additional 403,652 shares during the last quarter. Norges Bank purchased a new position in shares of Bank of America in the second quarter worth about $5,091,641,000. Bank of New York Mellon Corp lifted its holdings in shares of Bank of America by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after purchasing an additional 803,570 shares during the period. Fisher Asset Management LLC boosted its position in Bank of America by 5.2% in the second quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock valued at $2,432,516,000 after buying an additional 2,557,943 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.