Piper Sandler Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price target upped by equities researchers at Piper Sandler from $44.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target would suggest a potential upside of 6.29% from the company’s current price.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.57.

Bank of America Trading Down 1.0 %

BAC opened at $47.04 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $360.93 billion, a price-to-earnings ratio of 17.10, a price-to-earnings-growth ratio of 1.61 and a beta of 1.33. The firm has a 50 day simple moving average of $43.02 and a 200 day simple moving average of $41.02. Bank of America has a fifty-two week low of $30.33 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. On average, sell-side analysts anticipate that Bank of America will post 3.27 earnings per share for the current year.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $40.28, for a total value of $202,649,243.92. Following the transaction, the insider now directly owns 863,977,599 shares in the company, valued at approximately $34,801,017,687.72. This trade represents a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 61,976,277 shares of company stock valued at $2,503,269,682 over the last three months. 0.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of America

A number of hedge funds and other institutional investors have recently bought and sold shares of BAC. Fairway Wealth LLC acquired a new position in Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC increased its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank purchased a new position in Bank of America in the 3rd quarter valued at about $29,000. Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the second quarter valued at about $30,000. Finally, Christopher J. Hasenberg Inc boosted its position in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the last quarter. Hedge funds and other 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.