Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $54.00

Bank of America (NYSE:BAC) had its price objective trimmed by Oppenheimer from $57.00 to $54.00 in a report published on Friday morning,Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

BAC has been the topic of several other research reports. Keefe, Bruyette & Woods raised their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Piper Sandler upped their price objective on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Barclays lifted their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company upped their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $45.82.

Bank of America Stock Up 1.2 %

BAC opened at $44.81 on Friday. The business’s fifty day moving average is $45.17 and its two-hundred day moving average is $42.01. The company has a market cap of $343.82 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 1.55 and a beta of 1.33. Bank of America has a one year low of $31.27 and a one year 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 posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the business posted $0.90 EPS. The firm’s quarterly revenue was up .4% compared to the same quarter last year. Analysts anticipate that Bank of America will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the completion of the sale, the insider now owns 776,614,511 shares in the company, valued at $31,173,306,471.54. The trade was a 0.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. First Citizens Financial Corp lifted its holdings in Bank of America by 5.9% in the fourth quarter. First Citizens Financial Corp now owns 16,532 shares of the financial services provider’s stock worth $727,000 after acquiring an additional 925 shares during the last quarter. Modus Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $178,000. GAMMA Investing LLC lifted its holdings in shares of Bank of America by 9.3% in the 4th quarter. GAMMA Investing LLC now owns 103,092 shares of the financial services provider’s stock worth $4,531,000 after purchasing an additional 8,805 shares during the last quarter. Versant Capital Management Inc boosted its position in Bank of America by 43.7% during the 4th quarter. Versant Capital Management Inc now owns 12,436 shares of the financial services provider’s stock valued at $547,000 after purchasing an additional 3,781 shares during the period. Finally, Trust Co of the South grew its stake in Bank of America by 2.7% during the 4th quarter. Trust Co of the South now owns 11,813 shares of the financial services provider’s stock worth $519,000 after buying an additional 310 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

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.