Analysts Set Bank of America Corporation (NYSE:BAC) PT at $54.64

Shares of Bank of America Corporation (NYSE:BAC) have received an average rating of “Moderate Buy” from the twenty-six ratings firms that are currently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $54.6364.

BAC has been the topic of several recent analyst reports. UBS Group boosted their target price on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Morgan Stanley boosted their target price on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Wolfe Research upped their price objective on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Finally, Oppenheimer reduced their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Tuesday, September 23rd.

Bank of America Stock Up 4.3%

Shares of BAC opened at $52.26 on Monday. The company has a market capitalization of $387.06 billion, a P/E ratio of 15.28, a PEG ratio of 1.94 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America has a one year low of $33.06 and a one year high of $52.88. The business’s 50 day simple moving average is $49.89 and its 200-day simple moving average is $45.67.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 EPS. As a group, sell-side analysts predict that Bank of America will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Insider Transactions at Bank of America

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

Institutional Trading of Bank of America

Institutional investors and hedge funds have recently made changes to their positions in the business. Quaker Wealth Management LLC raised its position in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. raised its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Steph & Co. raised its position in shares of Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 379 shares during the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $28,000. Finally, CGC Financial Services LLC raised its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. 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.