Bank of America Co. (NYSE:BAC)'s share price reached a new 52-week high on Monday after Wells Fargo & Company raised their price target on the stock from $52.00 to $56.00. Wells Fargo & Company currently has an overweight rating on the stock. Bank of America traded as high as $46.88 and last traded at $46.79, with a volume of 2977969 shares changing hands. The stock had previously closed at $46.75.
Other equities research analysts have also issued research reports about the company. Citigroup raised Bank of America from a "neutral" rating to a "buy" rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Evercore ISI raised their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods raised their price target on Bank of America from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Finally, BMO Capital Markets upped their price objective on Bank of America from $38.00 to $40.00 and gave the company a "market perform" rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $44.26.
Check Out Our Latest Stock Analysis on BAC
Insider Buying and Selling
In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company's stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction dated 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 of the company's stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 102,848,970 shares of company stock worth $4,145,103,288 in the last 90 days. 0.29% of the stock is owned by company insiders.
Institutional Investors Weigh In On Bank of America
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Fairway Wealth LLC bought a new position in shares of Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC lifted its position in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock worth $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter worth about $29,000. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the 2nd quarter valued at about $30,000. Finally, Christopher J. Hasenberg Inc increased its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 852 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Stock Down 0.1 %
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 fifty day moving average of $41.49 and a 200-day moving average of $40.37. The firm has a market cap of $358.48 billion, a P/E ratio of 17.05, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32.
Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company's quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 earnings per share. On average, equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. Bank of America's dividend payout ratio is currently 37.82%.
Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.
Bank of America Company Profile
(
Get Free Report)
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.
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