Bank of America (NYSE:BAC) Price Target Increased to $49.00 by Analysts at Barclays

Bank of America (NYSE:BAC) had its price target raised by Barclays from $43.00 to $49.00 in a report released on Wednesday, Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also weighed in on the company. Erste Group Bank upgraded Bank of America from a hold rating to a buy rating in a research note on Wednesday, April 3rd. Cfra reiterated a sell rating and issued a $39.00 price target on shares of Bank of America in a research report on Tuesday. HSBC reissued a hold rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Wells Fargo & Company upped their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an overweight rating in a report on Thursday, March 28th. Finally, Piper Sandler Companies raised shares of Bank of America from an underweight rating to a neutral rating and lifted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $41.92.

Bank of America Stock Down 0.3 %

Shares of BAC stock opened at $42.90 on Wednesday. Bank of America has a one year low of $24.96 and a one year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a fifty day moving average price of $40.12 and a 200 day moving average price of $36.94. The stock has a market cap of $335.49 billion, a P/E ratio of 14.84, a price-to-earnings-growth ratio of 1.63 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.88 EPS. Analysts predict that Bank of America will post 3.24 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.24%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 24,984,363 shares of company stock valued at $1,089,448,152 over the last 90 days. 0.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of America

A number of hedge funds and other institutional investors have recently bought and sold shares of BAC. Delos Wealth Advisors LLC boosted its position in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the last quarter. Livelsberger Financial Advisory acquired a new position in Bank of America in the fourth quarter valued at about $28,000. Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter worth about $30,000. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $32,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 1st quarter valued at about $33,000. 70.71% of the stock is owned by 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.