Bank of America (NYSE:BAC) Stock Rating Upgraded by UBS Group

Bank of America (NYSE:BAC) was upgraded by investment analysts at UBS Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The firm presently has a $53.00 price target on the financial services provider’s stock, up from their prior price target of $43.00. UBS Group’s price objective suggests a potential upside of 14.69% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Evercore ISI upped their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Piper Sandler raised their price objective on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Trading Up 0.3 %

Shares of Bank of America stock opened at $46.21 on Tuesday. The company has a fifty day simple moving average of $45.38 and a 200-day simple moving average of $42.12. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America has a 12-month low of $31.27 and a 12-month high of $48.08. The stock has a market cap of $354.56 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the company posted $0.90 EPS. The company’s quarterly revenue was up .4% on a year-over-year basis. On average, equities analysts forecast that Bank of America will post 3.27 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.29% of the company’s stock.

Institutional Trading of Bank of America

Several institutional investors have recently added to or reduced their stakes in the business. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at about $27,000. Kennebec Savings Bank bought a new position in shares of Bank of America during the third quarter valued at approximately $29,000. Christopher J. Hasenberg Inc raised its position in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $45,000. Finally, Truvestments Capital LLC acquired a new position in Bank of America during the 3rd quarter valued at approximately $73,000. 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.