Bank of America (NYSE:BAC) Rating Reiterated by Royal Bank of Canada

Bank of America (NYSE:BAC)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $46.00 price target on the financial services provider’s stock. Royal Bank of Canada’s target price indicates a potential upside of 15.09% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Stock Performance

NYSE BAC opened at $39.97 on Wednesday. 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 $312.58 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.37 and a beta of 1.33. The firm’s 50 day simple moving average is $39.31 and its 200 day simple moving average is $39.21. Bank of America has a 1 year low of $24.96 and a 1 year high of $44.44.

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, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter last year, the firm earned $0.88 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. As a group, research analysts expect that Bank of America will post 3.28 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 160,921,082 shares of company stock worth $6,582,343,525. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently bought and sold shares of the business. McAdam LLC grew its position in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares in the last quarter. BTC Capital Management Inc. grew its position in shares of Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares in the last quarter. Central Bank & Trust Co. grew its position in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares in the last quarter. SNS Financial Group LLC grew its position in shares of Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC lifted its holdings in shares of Bank of America by 0.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after purchasing an additional 251 shares during the last quarter. Institutional investors and hedge funds 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.