Analysts Set Bank of America Co. (NYSE:BAC) Price Target at $45.92

Shares of Bank of America Co. (NYSE:BAC) have been given a consensus rating of "Moderate Buy" by the twenty-two brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, eight have given a hold recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $45.92.

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. Barclays lifted their price objective on Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. Oppenheimer increased their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. Evercore ISI boosted their price objective on Bank of America from $44.00 to $45.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Finally, Phillip Securities raised Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 target price on the stock in a report on Friday, October 18th.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company'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 sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 51,257,719 shares of company stock valued at $2,075,524,660. Company insiders own 0.29% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BAC. Two Sigma Advisers LP grew its position in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider's stock worth $405,049,000 after purchasing an additional 10,175,100 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in shares of Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider's stock valued at $244,627,000 after buying an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider's stock valued at $301,898,000 after buying an additional 5,015,378 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider's stock worth $1,804,560,000 after acquiring an additional 4,423,215 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Bank of America during the 3rd quarter worth about $174,858,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Down 0.9 %

Shares of NYSE BAC traded down $0.42 during trading on Tuesday, hitting $45.05. 33,046,593 shares of the company traded hands, compared to its average volume of 38,156,762. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $345.66 billion, a P/E ratio of 16.38, a P/E/G ratio of 1.56 and a beta of 1.33. The company has a 50-day moving average price of $44.60 and a 200-day moving average price of $41.59. Bank of America has a 1 year low of $31.27 and a 1 year high of $48.08.

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

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America's payout ratio is currently 37.82%.

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.