Bank of America (NYSE:BAC) Price Target Raised to $57.00 at Oppenheimer

Bank of America (NYSE:BAC) had its target price upped by Oppenheimer from $55.00 to $57.00 in a report released on Wednesday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the financial services provider’s stock.

BAC has been the topic of several other research reports. Argus cut their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley increased their price objective on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday, June 23rd. TD Cowen started coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 price target on the stock. Citigroup lifted their price target on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.13.

Bank of America Stock Up 0.0%

BAC stock opened at $47.96 on Wednesday. The firm has a 50-day simple moving average of $46.14 and a 200-day simple moving average of $43.80. The stock has a market capitalization of $361.23 billion, a P/E ratio of 14.02, a P/E/G ratio of 1.87 and a beta of 1.30. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America has a 52 week low of $33.06 and a 52 week high of $49.31.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the previous year, the company earned $0.83 earnings per share. Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts forecast that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.34%. Bank of America’s dividend payout ratio (DPR) is presently 30.41%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Brighton Jones LLC increased its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG increased its holdings in shares of Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after acquiring an additional 226,246 shares in the last quarter. StoneX Group Inc. raised its stake in Bank of America by 26.3% in the 4th quarter. StoneX Group Inc. now owns 30,519 shares of the financial services provider’s stock worth $1,341,000 after acquiring an additional 6,363 shares during the last quarter. Nemes Rush Group LLC increased its holdings in Bank of America by 23.4% in the 4th quarter. Nemes Rush Group LLC now owns 4,707 shares of the financial services provider’s stock worth $207,000 after buying an additional 894 shares during the period. Finally, Potomac Fund Management Inc. ADV acquired a new position in shares of Bank of America in the 4th quarter valued at about $1,231,000. Hedge funds and other 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.