Bank of America (NYSE:BAC) Given New $58.00 Price Target at Deutsche Bank Aktiengesellschaft

Bank of America (NYSE:BAC) had its target price upped by Deutsche Bank Aktiengesellschaft from $56.00 to $58.00 in a research note issued to investors on Tuesday morning,MarketScreener reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on BAC. Truist Financial raised their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Citigroup raised their price objective on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. HSBC cut Bank of America from a “buy” rating to a “hold” rating and raised their price objective for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Oppenheimer dropped their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $52.63.

Bank of America Trading Down 1.6%

NYSE:BAC opened at $51.58 on Tuesday. The business’s 50-day simple moving average is $49.24 and its 200-day simple moving average is $45.09. Bank of America has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market capitalization of $382.05 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the company earned $0.83 earnings per share. Sell-side analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

Bank of America announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rydar Equities Inc. acquired a new position in Bank of America during the 2nd quarter worth about $418,000. Summit Financial Wealth Advisors LLC lifted its holdings in Bank of America by 5.4% during the 2nd quarter. Summit Financial Wealth Advisors LLC now owns 14,465 shares of the financial services provider’s stock worth $684,000 after buying an additional 741 shares during the period. Canal Capital Management LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at about $207,000. Milestones Private Investment Advisors LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at about $233,000. Finally, American Trust lifted its stake in shares of Bank of America by 64.0% in the 2nd quarter. American Trust now owns 7,939 shares of the financial services provider’s stock valued at $376,000 after purchasing an additional 3,099 shares during the period. 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.