Keefe, Bruyette & Woods Boosts Bank of America (NYSE:BAC) Price Target to $57.00

Bank of America (NYSE:BAC) had its price target hoisted by research analysts at Keefe, Bruyette & Woods from $50.00 to $57.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 21.17% from the stock’s previous close.

Several other equities research analysts also recently commented on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Oppenheimer raised their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Piper Sandler upped their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday. Barclays upped their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.57.

Bank of America Stock Performance

NYSE BAC opened at $47.04 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $360.93 billion, a P/E ratio of 17.10, a price-to-earnings-growth ratio of 1.61 and a beta of 1.33. Bank of America has a 1 year low of $30.33 and a 1 year high of $48.08. The firm’s fifty day moving average price is $43.02 and its two-hundred day moving average price is $41.02.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the business earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America will post 3.27 EPS for the current year.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This represents a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders sold 61,976,277 shares of company stock valued at $2,503,269,682. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the second quarter worth approximately $27,000. POM Investment Strategies LLC lifted its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter worth $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc lifted its holdings in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.