Bank of America (NYSE:BAC) had its price target boosted by Oppenheimer from $48.00 to $49.00 in a research note released on Wednesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the financial services provider’s stock.
A number of other equities research analysts also recently weighed in on the stock. StockNews.com upgraded shares of Bank of America from a sell rating to a hold rating in a research note on Wednesday, July 17th. Barclays lifted their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an overweight rating in a research report on Wednesday, July 17th. Piper Sandler Companies raised shares of Bank of America from an underweight rating to a neutral rating and increased their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Cfra reaffirmed a sell rating and set a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Finally, Jefferies Financial Group increased their target price on Bank of America from $39.00 to $41.00 and gave the stock a hold rating in a report on Wednesday, July 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of Moderate Buy and a consensus target price of $42.27.
Check Out Our Latest Stock Report on BAC
Bank of America Stock Up 2.2 %
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating 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 in the prior year, the firm posted $0.88 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities research analysts expect that Bank of America will post 3.28 earnings per share for the current year.
Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Bank of America Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio is 35.99%.
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 completion of the sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 147,650,481 shares of company stock worth $6,050,547,676 in the last quarter. Insiders own 0.29% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the stock. Handelsbanken Fonder AB increased its holdings in Bank of America by 2.8% in the third quarter. Handelsbanken Fonder AB now owns 2,414,613 shares of the financial services provider’s stock valued at $95,812,000 after purchasing an additional 65,357 shares during the last quarter. waypoint wealth counsel grew its position in shares of Bank of America by 17.5% during the 3rd quarter. waypoint wealth counsel now owns 6,669 shares of the financial services provider’s stock worth $265,000 after buying an additional 993 shares during the period. ZRC Wealth Management LLC grew its position in shares of Bank of America by 667.9% during the 3rd quarter. ZRC Wealth Management LLC now owns 3,087 shares of the financial services provider’s stock worth $123,000 after buying an additional 2,685 shares during the period. Cullen Investment Group LTD. increased its stake in shares of Bank of America by 1.6% in the 3rd quarter. Cullen Investment Group LTD. now owns 38,963 shares of the financial services provider’s stock valued at $1,546,000 after acquiring an additional 609 shares during the last quarter. Finally, Quent Capital LLC raised its position in shares of Bank of America by 7.2% in the 3rd quarter. Quent Capital LLC now owns 32,933 shares of the financial services provider’s stock valued at $1,305,000 after acquiring an additional 2,199 shares during the period. Institutional investors and hedge funds 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.
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