Barclays Increases Bank of America (NYSE:BAC) Price Target to $59.00

Bank of America (NYSE:BAC) had its price objective boosted by research analysts at Barclays from $54.00 to $59.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential upside of 15.05% from the company’s current price.

Several other brokerages also recently commented on BAC. Oppenheimer dropped their target price on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Tuesday, September 23rd. The Goldman Sachs Group raised their target price on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Daiwa Capital Markets raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Truist Financial lifted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Finally, Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.76.

Bank of America Stock Performance

Shares of BAC stock opened at $51.28 on Thursday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $379.83 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33. The company’s 50 day moving average price is $50.11 and its two-hundred day moving average price is $45.79. Bank of America has a 52 week low of $33.06 and a 52 week high of $52.88.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the company posted $0.81 EPS. On average, analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were 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 of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Bank of America

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wynn Capital LLC grew its stake in shares of Bank of America by 0.4% in the third quarter. Wynn Capital LLC now owns 47,063 shares of the financial services provider’s stock valued at $2,428,000 after buying an additional 207 shares in the last quarter. Accelerate Investment Advisors LLC grew its stake in shares of Bank of America by 4.7% in the third quarter. Accelerate Investment Advisors LLC now owns 4,637 shares of the financial services provider’s stock valued at $239,000 after buying an additional 207 shares in the last quarter. Norris Perne & French LLP MI grew its stake in shares of Bank of America by 4.2% in the third quarter. Norris Perne & French LLP MI now owns 5,278 shares of the financial services provider’s stock valued at $272,000 after buying an additional 211 shares in the last quarter. Wealth Advisory Solutions LLC boosted its position in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the period. Finally, BSW Wealth Partners boosted its position in Bank of America by 4.5% during the third quarter. BSW Wealth Partners now owns 5,018 shares of the financial services provider’s stock worth $259,000 after purchasing an additional 214 shares during the period. 70.71% of the stock is owned by 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.