Wells Fargo & Company Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective lifted by equities research analysts at Wells Fargo & Company from $52.00 to $56.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 21.98% from the stock’s current price.

BAC has been the topic of several other research reports. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Barclays lifted their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, BMO Capital Markets boosted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Stock Up 0.1 %

BAC stock opened at $45.91 on Friday. 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 business’s 50-day simple moving average is $41.22 and its 200 day simple moving average is $40.22. Bank of America has a twelve month low of $29.20 and a twelve month high of $46.52. The company has a market cap of $352.26 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates 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 revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. On average, research analysts anticipate that Bank of America will post 3.27 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 107,883,988 shares of company stock worth $4,344,741,752 in the last three months. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Bank of America

Institutional investors have recently bought and sold shares of the company. Summit Global Investments grew its holdings in shares of Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP raised its stake in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares during the period. SteelPeak Wealth LLC boosted its position in Bank of America by 37.7% in the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after buying an additional 14,901 shares during the last quarter. Finally, Philip James Wealth Mangement LLC acquired a new stake in shares of Bank of America in the third quarter worth $9,670,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Company Profile

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.