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

Truist Financial started coverage on shares of Bank of America (NYSE:BAC) in a note issued to investors 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 indicates a potential upside of 14.56% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Oppenheimer decreased their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday. Piper Sandler boosted their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $48.00 to $55.00 in a research report on Monday, December 9th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.97.

Bank of America Stock Performance

NYSE:BAC opened at $45.39 on Tuesday. The company has a fifty day simple moving average of $45.23 and a two-hundred day simple moving average of $42.04. The company has a market cap of $348.27 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. 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 released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 EPS. As a group, equities analysts anticipate that Bank of America will post 3.27 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.29% of the company’s stock.

Institutional Trading of Bank of America

Several large investors have recently modified their holdings of BAC. Two Sigma Advisers LP lifted its stake in shares of Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after buying an additional 10,175,100 shares during the period. 1832 Asset Management L.P. lifted its stake in shares of Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after buying an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after buying an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. purchased a new position in shares of Bank of America during the third quarter valued at approximately $174,858,000. 70.71% of the stock is currently 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.