TD Cowen Raises Bank of America (NYSE:BAC) Price Target to $59.00

Bank of America (NYSE:BAC) had its price objective raised by research analysts at TD Cowen from $54.00 to $59.00 in a report released on Friday,MarketScreener reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. TD Cowen’s target price points to a potential upside of 16.54% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Royal Bank Of Canada lifted their price objective on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday. Truist Financial lifted their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. HSBC lifted their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Nineteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $53.38.

Bank of America Stock Up 0.3%

Bank of America stock opened at $50.63 on Friday. 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 has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a market cap of $374.98 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The stock’s 50 day moving average price is $49.37 and its 200 day moving average price is $45.28.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations 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 revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.83 earnings per share. On average, sell-side analysts predict that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

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

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently added to or reduced their stakes in BAC. Nova Wealth Management Inc. raised its stake in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. Quaker Wealth Management LLC raised its stake in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the period. RMG Wealth Management LLC purchased a new position in Bank of America during the second quarter worth approximately $28,000. CGC Financial Services LLC raised its stake in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Finally, Wealth Preservation Advisors LLC increased its stake in Bank of America by 48.7% during the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 223 shares during the last quarter. 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.