Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $56.00

Bank of America (NYSE:BAC) had its price target reduced by equities research analysts at Oppenheimer from $57.00 to $56.00 in a report issued on Tuesday, Marketbeat.com reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price target would indicate a potential upside of 8.39% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. HSBC cut shares of Bank of America from a “buy” rating to a “hold” rating and increased their target price for the company from $47.00 to $51.00 in a report on Monday, July 7th. Truist Financial boosted their price target on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Finally, Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.92.

Bank of America Stock Performance

Shares of BAC opened at $51.67 on Tuesday. The stock has a market capitalization of $382.69 billion, a P/E ratio of 15.11, a P/E/G ratio of 2.01 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America has a 1 year low of $33.06 and a 1 year high of $52.88. The company’s fifty day moving average is $48.87 and its two-hundred day moving average is $44.73.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the company earned $0.83 EPS. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a share repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by insiders.

Institutional Trading of Bank of America

A number of hedge funds have recently added to or reduced their stakes in the business. Quaker Wealth Management LLC boosted its position in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. boosted its holdings in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC increased its holdings in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares during the last quarter. Finally, Wealth Preservation Advisors LLC raised its position in shares of Bank of America by 48.7% in the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after buying an additional 223 shares during the period. 70.71% of the stock is 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.