Bank of America (NYSE:BAC) Price Target Raised to $56.00

Bank of America (NYSE:BAC) had its price target upped by Phillip Securities from $50.00 to $56.00 in a research report released on Tuesday,MarketScreener reports.

Several other brokerages have also issued reports on BAC. Barclays lifted their target price on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Oppenheimer upped their target price on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. The Goldman Sachs Group increased their target price on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Wells Fargo & Company lifted their price target on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.23.

Bank of America Price Performance

Shares of NYSE BAC opened at $51.77 on Tuesday. The firm has a market capitalization of $383.49 billion, a P/E ratio of 14.11, a P/E/G ratio of 1.94 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s 50-day simple moving average is $50.47 and its two-hundred day simple moving average is $46.19. Bank of America has a twelve month low of $33.06 and a twelve month high of $52.88.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the company posted $0.81 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Institutional Trading of Bank of America

A number of institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Bank of America in the 2nd quarter worth approximately $5,091,641,000. Deutsche Bank AG raised its holdings in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Bank of America by 124.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock valued at $833,771,000 after acquiring an additional 9,782,208 shares in the last quarter. ABN AMRO Bank N.V. purchased a new stake in Bank of America in the second quarter worth $202,439,000. Finally, Unisphere Establishment boosted its holdings in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.