Bank of America (NYSE:BAC) had its price objective upped by stock analysts at Morgan Stanley from $47.00 to $48.00 in a report released on Wednesday, Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. Morgan Stanley's target price would suggest a potential upside of 13.91% from the stock's current price.
BAC has been the topic of several other research reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Cfra reaffirmed a "sell" rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Oppenheimer boosted their target price on Bank of America from $48.00 to $49.00 and gave the company an "outperform" rating in a report on Wednesday, October 2nd. Evercore ISI boosted their target price on Bank of America from $43.00 to $46.00 and gave the company an "outperform" rating in a report on Wednesday, July 17th. Finally, StockNews.com lowered Bank of America from a "hold" rating to a "sell" rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $42.32.
Read Our Latest Stock Analysis on BAC
NYSE BAC opened at $42.14 on Wednesday. The company has a market cap of $329.55 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a 50-day moving average of $39.62 and a two-hundred day moving average of $39.33. Bank of America has a 1-year low of $24.96 and a 1-year high of $44.44.
Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America's revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 EPS. As a group, analysts anticipate that Bank of America will post 3.25 EPS for the current year.
Bank of America announced that its Board of Directors has initiated a stock repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.
In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the firm's stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total value of $269,261,980.61. Following the sale, the insider now owns 992,612,058 shares of the company's stock, valued at approximately $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the firm's stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the completion of the sale, the insider now owns 992,612,058 shares in the company, valued at approximately $42,096,677,379.78. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,230,389 shares of company stock valued at $6,023,064,684. Insiders own 0.29% of the company's stock.
Several large investors have recently added to or reduced their stakes in the business. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 2nd quarter worth $27,000. Delos Wealth Advisors LLC boosted its position in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider's stock worth $26,000 after buying an additional 547 shares during the period. POM Investment Strategies LLC boosted its position in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock worth $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the second quarter worth $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the first quarter worth $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
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.
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