TD Cowen Raises Bank of America (NYSE:BAC) Price Target to $61.00

Bank of America (NYSE:BAC) had its price target boosted by analysts at TD Cowen from $59.00 to $61.00 in a research note issued to investors on Thursday,MarketScreener reports. The firm presently has a “buy” rating on the financial services provider’s stock. TD Cowen’s target price would indicate a potential upside of 18.95% from the stock’s previous close.

Several other research firms also recently commented on BAC. Evercore ISI boosted their target price on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. HSBC boosted their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Piper Sandler boosted their target price on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Citigroup boosted their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $56.76.

Bank of America Price Performance

Shares of BAC stock opened at $51.28 on Thursday. The stock has a market cap of $379.83 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.93 and a beta of 1.33. The business’s fifty day moving average is $50.11 and its 200 day moving average is $45.79. Bank of America has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

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

Bank of America declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other 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 transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BAC. Norges Bank bought a new position in Bank of America in the second quarter valued at about $5,091,641,000. Deutsche Bank AG lifted its holdings 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 acquiring an additional 14,960,086 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Bank of America by 124.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock valued at $833,771,000 after acquiring an additional 9,782,208 shares during the period. ABN AMRO Bank N.V. bought a new position in Bank of America in the second quarter valued at about $202,439,000. Finally, Unisphere Establishment lifted its holdings in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares during the period. Institutional investors own 70.71% of the company’s stock.

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.