Truist Financial Begins Coverage on Bank of America (NYSE:BAC)

Equities researchers at Truist Financial started coverage on shares of Bank of America (NYSE:BAC) in a report released on Tuesday,Benzinga reports. The brokerage set a “buy” rating and a $52.00 price target on the financial services provider’s stock. Truist Financial’s price objective would indicate a potential upside of 12.53% from the stock’s current price.

BAC has been the topic of several other reports. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. Barclays lifted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday. Evercore ISI increased their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Performance

NYSE:BAC opened at $46.21 on Tuesday. The company has a market capitalization of $354.56 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.55 and a beta of 1.33. The business has a 50 day moving average of $45.38 and a 200 day moving average of $42.12. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America has a 1-year low of $31.27 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the business posted $0.90 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts predict that Bank of America will post 3.27 earnings per share for the current fiscal year.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bank of America

Hedge funds have recently bought and sold shares of the business. Fairway Wealth LLC purchased a new position in shares of Bank of America during the second quarter valued at approximately $27,000. Kennebec Savings Bank purchased a new stake in Bank of America during the 3rd quarter valued at $29,000. Christopher J. Hasenberg Inc lifted its holdings in shares of Bank of America by 525.9% during 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 period. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America in the 3rd quarter worth $45,000. Finally, Truvestments Capital LLC bought a new stake in shares of Bank of America in the third quarter worth $73,000. Hedge funds and other institutional investors 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.