Bank of America (NYSE:BAC) Price Target Raised to $63.00 at Oppenheimer

Bank of America (NYSE:BAC) had its price objective boosted by Oppenheimer from $55.00 to $63.00 in a research note issued to investors on Thursday,MarketScreener reports. Oppenheimer currently has an outperform rating on the financial services provider’s stock.

BAC has been the topic of several other research reports. The Goldman Sachs Group cut their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Piper Sandler upped their price objective on shares of Bank of America from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Robert W. Baird raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Argus raised their target price on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Finally, Truist Financial upped their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.59.

Bank of America Stock Performance

Shares of BAC stock opened at $54.23 on Thursday. Bank of America has a one year low of $33.06 and a one year high of $56.07. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The business’s 50 day simple moving average is $52.76 and its 200 day simple moving average is $49.75. The stock has a market capitalization of $396.01 billion, a PE ratio of 14.78 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, research analysts forecast that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Institutional Trading of Bank of America

Institutional investors and hedge funds have recently modified their holdings of the company. Brighton Jones LLC grew its stake in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Algert Global LLC increased its stake in Bank of America by 8.6% in the 1st quarter. Algert Global LLC now owns 22,757 shares of the financial services provider’s stock worth $950,000 after buying an additional 1,800 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Bank of America in the first quarter valued at approximately $648,000. T. Rowe Price Investment Management Inc. grew its holdings in Bank of America by 7.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 26,367 shares of the financial services provider’s stock worth $1,101,000 after acquiring an additional 1,861 shares in the last quarter. Finally, TFB Advisors LLC boosted its position in Bank of America by 5.5% during the 1st quarter. TFB Advisors LLC now owns 6,693 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 351 shares in the last quarter. 70.71% of the stock is currently 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.