Bank of America (NYSE:BAC) Earns Buy Rating from Analysts at Truist Financial

Truist Financial initiated coverage on shares of Bank of America (NYSE:BAC) in a report released on Tuesday,Benzinga reports. The firm set a “buy” rating and a $52.00 price target on the financial services provider’s stock. Truist Financial’s target price suggests a potential upside of 14.56% from the company’s current price.

Other analysts have also issued research reports about the company. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. 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, December 3rd. Finally, Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.97.

Bank of America Stock Up 1.3 %

Shares of NYSE BAC opened at $45.39 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $348.27 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 1.55 and a beta of 1.33. The stock has a 50 day moving average price of $45.23 and a 200 day moving average price of $42.04. Bank of America has a 52-week low of $31.27 and a 52-week high of $48.08.

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

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BAC. Acadian Asset Management LLC raised its position in shares of Bank of America by 37.2% during the 2nd quarter. Acadian Asset Management LLC now owns 559,784 shares of the financial services provider’s stock valued at $22,257,000 after buying an additional 151,864 shares during the period. Koss Olinger Consulting LLC acquired a new stake in Bank of America in the 2nd quarter valued at approximately $234,000. Cahill Financial Advisors Inc. increased its holdings in Bank of America by 2.8% in the 2nd quarter. Cahill Financial Advisors Inc. now owns 11,982 shares of the financial services provider’s stock valued at $477,000 after purchasing an additional 322 shares during the last quarter. Clifford Swan Investment Counsel LLC increased its holdings in Bank of America by 2.9% in the 2nd quarter. Clifford Swan Investment Counsel LLC now owns 52,188 shares of the financial services provider’s stock valued at $2,076,000 after purchasing an additional 1,447 shares during the last quarter. Finally, Liberty Wealth Management LLC increased its holdings in Bank of America by 44.7% in the 2nd quarter. Liberty Wealth Management LLC now owns 39,036 shares of the financial services provider’s stock valued at $1,552,000 after purchasing an additional 12,064 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.