Bank of America (NYSE:BAC) Given New $57.00 Price Target at Keefe, Bruyette & Woods

Bank of America (NYSE:BAC) had its target price raised by Keefe, Bruyette & Woods from $50.00 to $57.00 in a research report report published on Tuesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Several other equities research analysts also recently weighed in on BAC. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, September 3rd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Piper Sandler raised their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Oppenheimer raised their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $45.57.

Bank of America Trading Down 0.5 %

Shares of BAC stock opened at $46.79 on Tuesday. The stock’s fifty day moving average price is $43.31 and its two-hundred day moving average price is $41.12. The company has a market cap of $359.01 billion, a PE ratio of 17.01, a P/E/G ratio of 1.59 and a beta of 1.33. Bank of America has a fifty-two week low of $30.33 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. Equities analysts predict that Bank of America will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 61,976,277 shares of company stock worth $2,503,269,682. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently modified their holdings of the stock. Accent Capital Management LLC increased its holdings in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments increased its holdings in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Baker Avenue Asset Management LP increased its holdings in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the period. Banco Santander S.A. increased its holdings in shares of Bank of America by 173.7% in the third quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after purchasing an additional 370,275 shares during the period. Finally, Westfield Capital Management Co. LP increased its holdings in shares of Bank of America by 647.7% in the third quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock worth $72,363,000 after purchasing an additional 1,579,767 shares during the period. Institutional investors 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.