Bank of America (NYSE:BAC) Price Target Raised to $57.00

Bank of America (NYSE:BAC) had its price target boosted by UBS Group from $55.00 to $57.00 in a research report report published on Tuesday, Marketbeat.com reports. They currently have a buy rating on the financial services provider’s stock.

Several other analysts also recently issued reports on BAC. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Truist Financial upped their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Evercore ISI upped their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Finally, Morgan Stanley upped their price objective on Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.11.

Bank of America Stock Down 0.3%

BAC opened at $49.71 on Tuesday. The business’s fifty day moving average is $49.55 and its two-hundred day moving average is $45.46. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The company has a market cap of $368.20 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 1.93 and a beta of 1.33. Bank of America has a one year low of $33.06 and a one year high of $52.88.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.83 earnings per share. Analysts anticipate that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s payout ratio is 32.75%.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated 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 sale, the insider owned 223,407 shares in the company, 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 this link. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently modified their holdings of BAC. Brighton Jones LLC grew its stake in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. NewSquare Capital LLC grew its stake in Bank of America by 94.7% during the 1st quarter. NewSquare Capital LLC now owns 2,605 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 1,267 shares in the last quarter. Tounjian Advisory Partners LLC acquired a new stake in Bank of America during the 1st quarter valued at approximately $644,000. Signet Financial Management LLC grew its stake in Bank of America by 0.6% during the 1st quarter. Signet Financial Management LLC now owns 124,943 shares of the financial services provider’s stock valued at $5,214,000 after purchasing an additional 690 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Bank of America by 8.2% during the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after purchasing an additional 8,435 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.