Bank of America (NYSE:BAC) Stock Price Expected to Rise, Seaport Global Securities Analyst Says

Bank of America (NYSE:BAC) had its price target lifted by stock analysts at Seaport Global Securities from $59.00 to $66.00 in a report released on Monday,MarketScreener reports. The firm presently has a “buy” rating on the financial services provider’s stock. Seaport Global Securities’ price target suggests a potential upside of 29.56% from the company’s current price.

Several other equities analysts also recently weighed in on BAC. Wells Fargo & Company lifted their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Oppenheimer lowered their target price on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Tuesday, September 23rd. HSBC upped their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday. Finally, Robert W. Baird reissued a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Nineteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

Bank of America Stock Performance

Shares of BAC stock opened at $50.94 on Monday. Bank of America has a one year low of $33.06 and a one year high of $52.88. The company’s 50-day moving average is $49.37 and its 200 day moving average is $45.30. The company has a market capitalization of $377.33 billion, a price-to-earnings ratio of 14.91, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 EPS. Sell-side analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. increased its position in Bank of America by 4.2% during the third quarter. Cardinal Capital Management Inc. now owns 7,570 shares of the financial services provider’s stock worth $391,000 after buying an additional 305 shares during the period. Iowa State Bank increased its holdings in shares of Bank of America by 0.6% in the third quarter. Iowa State Bank now owns 97,656 shares of the financial services provider’s stock valued at $5,038,000 after purchasing an additional 588 shares during the period. Summit Financial Wealth Advisors LLC increased its holdings in shares of Bank of America by 8.1% in the third quarter. Summit Financial Wealth Advisors LLC now owns 15,642 shares of the financial services provider’s stock valued at $793,000 after purchasing an additional 1,177 shares during the period. Morangie Management LLC increased its holdings in shares of Bank of America by 4.7% in the third quarter. Morangie Management LLC now owns 97,650 shares of the financial services provider’s stock valued at $5,038,000 after purchasing an additional 4,411 shares during the period. Finally, Aaron Wealth Advisors LLC grew its holdings in Bank of America by 48.9% during the third quarter. Aaron Wealth Advisors LLC now owns 75,004 shares of the financial services provider’s stock worth $3,869,000 after acquiring an additional 24,628 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.