Bank of America Co. (NYSE:BAC) Receives $47.50 Consensus PT from Brokerages

Shares of Bank of America Co. (NYSE:BAC) have been given a consensus recommendation of "Moderate Buy" by the twenty-four research firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation, fifteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $47.50.

Several analysts recently issued reports on BAC shares. Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Oppenheimer cut their target price on shares of Bank of America from $57.00 to $54.00 and set an "outperform" rating for the company in a research note on Friday, January 3rd. Citigroup upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Piper Sandler raised their price objective on Bank of America from $44.00 to $50.00 and gave the company a "neutral" rating in a research report on Tuesday, December 3rd.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares of the company's stock, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On Bank of America

Institutional investors have recently made changes to their positions in the company. Qsemble Capital Management LP bought a new position in shares of Bank of America in the 2nd quarter worth $1,668,000. Ullmann Wealth Partners Group LLC lifted its position in shares of Bank of America by 1.4% during the second quarter. Ullmann Wealth Partners Group LLC now owns 31,599 shares of the financial services provider's stock valued at $1,257,000 after buying an additional 440 shares during the last quarter. Meeder Advisory Services Inc. boosted its holdings in shares of Bank of America by 51.7% in the 2nd quarter. Meeder Advisory Services Inc. now owns 123,057 shares of the financial services provider's stock valued at $4,894,000 after buying an additional 41,915 shares in the last quarter. TradeLink Capital LLC purchased a new position in shares of Bank of America in the 2nd quarter worth approximately $410,000. Finally, GHP Investment Advisors Inc. raised its stake in shares of Bank of America by 1.2% during the 2nd quarter. GHP Investment Advisors Inc. now owns 127,882 shares of the financial services provider's stock worth $5,086,000 after acquiring an additional 1,557 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Shares of BAC traded down $1.07 during mid-day trading on Friday, reaching $45.14. The stock had a trading volume of 40,683,613 shares, compared to its average volume of 33,604,016. The business has a fifty day moving average of $45.53 and a 200 day moving average of $42.20. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $346.35 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.55 and a beta of 1.33. Bank of America has a 12 month low of $31.27 and a 12 month high of $48.08.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.30%. Bank of America's dividend payout ratio (DPR) is 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.