Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $54.00

Bank of America (NYSE:BAC) had its price target lowered by stock analysts at Oppenheimer from $57.00 to $54.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price target indicates a potential upside of 21.48% from the stock’s current price.

A number of other equities analysts also recently commented on BAC. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Piper Sandler lifted their target price 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. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Morgan Stanley lowered shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $48.00 to $55.00 in a report on Monday, December 9th. Finally, Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.82.

Bank of America Price Performance

Shares of BAC stock traded up $0.16 on Friday, reaching $44.45. 6,354,912 shares of the company were exchanged, compared to its average volume of 15,644,311. The business has a 50-day moving average price of $45.08 and a 200 day moving average price of $41.92. Bank of America has a 1 year low of $31.27 and a 1 year high of $48.08. The company has a market cap of $341.06 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for 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%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 EPS. Equities research analysts forecast that Bank of America will post 3.27 earnings per share for the current fiscal year.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the transaction, the insider now directly owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. This represents a 0.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 16,772,932 shares of company stock valued at $693,852,472 in the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently modified their holdings of the company. Fairway Wealth LLC acquired a new stake in Bank of America in the 2nd quarter worth about $27,000. Kennebec Savings Bank purchased a new position in shares of Bank of America during the 3rd quarter worth about $29,000. Christopher J. Hasenberg Inc boosted 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 worth $40,000 after acquiring an additional 852 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in Bank of America in the third quarter valued at approximately $45,000. Finally, Truvestments Capital LLC purchased a new position in Bank of America during the third quarter worth approximately $73,000. 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.