Bank of America (BAC) – Research Analysts’ Weekly Ratings Updates

Bank of America (NYSE: BAC) has recently received a number of price target changes and ratings updates:

• 7/30/2024 – Bank of America had its price target raised by analysts at Morgan Stanley from $46.00 to $49.00. They now have an “overweight” rating on the stock.
• 7/18/2024 – Bank of America had its price target raised by analysts at BMO Capital Markets from $38.00 to $40.00. They now have a “market perform” rating on the stock.
• 7/17/2024 – Bank of America had its price target raised by analysts at Morgan Stanley from $44.00 to $46.00. They now have an “overweight” rating on the stock.
• 7/17/2024 – Bank of America had its price target raised by analysts at Barclays PLC from $43.00 to $49.00. They now have an “overweight” rating on the stock.
• 7/17/2024 – Bank of America had its “outperform” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $48.00 price target on the stock, up previously from $46.00.
• 7/17/2024 – Bank of America had its price target raised by analysts at Evercore ISI from $43.00 to $46.00. They now have an “outperform” rating on the stock.
• 7/17/2024 – Bank of America had its price target raised by analysts at Royal Bank of Canada from $39.00 to $46.00. They now have an “outperform” rating on the stock.
• 7/17/2024 – Bank of America was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 7/16/2024 – Bank of America had its “sell” rating reaffirmed by analysts at Cfra. They now have a $39.00 price target on the stock.
• 7/9/2024 – Bank of America was upgraded by analysts at Piper Sandler Companies from an “underweight” rating to a “neutral” rating. They now have a $42.00 price target on the stock, up previously from $37.00.
• 7/9/2024 – Bank of America was upgraded by analysts at Piper Sandler from an “underweight” rating to a “neutral” rating. They now have a $42.00 price target on the stock, up previously from $37.00.
• 7/3/2024 – Bank of America had its price target raised by analysts at Evercore ISI from $41.00 to $43.00. They now have an “outperform” rating on the stock.
• 7/3/2024 – Bank of America had its price target raised by analysts at Jefferies Financial Group Inc. from $39.00 to $41.00. They now have a “hold” rating on the stock.
• 7/2/2024 – Bank of America was upgraded by analysts at Seaport Res Ptn from a “hold” rating to a “strong-buy” rating.
• 6/14/2024 – Bank of America was upgraded by analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating. They now have a $46.00 price target on the stock, up previously from $37.00.
• 6/4/2024 – Bank of America had its price target raised by analysts at Piper Sandler from $35.00 to $37.00. They now have an “underweight” rating on the stock.

Bank of America Stock Performance

BAC stock traded down $0.97 during trading on Wednesday, reaching $40.31. The stock had a trading volume of 49,159,793 shares, compared to its average volume of 39,029,727. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The stock’s 50 day moving average is $40.52 and its two-hundred day moving average is $37.39. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $315.24 billion, a PE ratio of 13.95, a PEG ratio of 1.48 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter last year, the business posted $0.88 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.58%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders sold 49,545,245 shares of company stock valued at $2,119,252,649. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Delos Wealth Advisors LLC grew its stake in Bank of America by 402.2% during the 1st 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 last quarter. Livelsberger Financial Advisory acquired a new position in shares of Bank of America in the fourth quarter valued at about $28,000. POM Investment Strategies LLC increased its holdings 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 valued at $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America in the second quarter valued at about $30,000. Finally, Criterion Capital Advisors LLC acquired a new position in shares of Bank of America in the fourth quarter valued at about $32,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.