Bank of America (NYSE:BAC) Earns “Outperform” Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their outperform rating on shares of Bank of America (NYSE:BAC) in a report published on Wednesday, Benzinga reports. Keefe, Bruyette & Woods currently has a $48.00 price target on the financial services provider’s stock, up from their previous price target of $46.00.

BAC has been the subject of a number of other reports. StockNews.com lowered shares of Bank of America from a hold rating to a sell rating in a research note on Monday, May 20th. Evercore ISI lifted their target price on Bank of America from $43.00 to $46.00 and gave the stock an outperform rating in a report on Wednesday. Citigroup raised their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a neutral rating in a research report on Wednesday, March 20th. BMO Capital Markets boosted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a market perform rating in a report on Thursday, April 18th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an underweight rating to a neutral rating and raised their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $41.92.

Bank of America Stock Performance

Shares of BAC stock opened at $42.90 on Wednesday. Bank of America has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a market capitalization of $335.49 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 1.63 and a beta of 1.35. The business has a 50 day simple moving average of $40.12 and a 200 day simple moving average of $36.94.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.88 earnings per share. On average, equities research analysts anticipate that Bank of America will post 3.24 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 24,984,363 shares of company stock valued at $1,089,448,152. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Bank of America

Several large investors have recently made changes to their positions in the company. Delos Wealth Advisors LLC lifted its stake in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. Livelsberger Financial Advisory bought a new position in shares of Bank of America during the 4th quarter valued at $28,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at $30,000. Criterion Capital Advisors LLC bought a new stake in Bank of America in the fourth quarter worth $32,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America during the first quarter worth $33,000. Institutional investors own 70.71% of the company’s stock.

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.