Bank of America (NYSE:BAC) Upgraded by Odeon Capital Group to Buy

Bank of America (NYSE:BAC) was upgraded by analysts at Odeon Capital Group from a “hold” rating to a “buy” rating in a note issued to investors on Monday, The Fly reports. The firm currently has a $46.50 target price on the financial services provider’s stock. Odeon Capital Group’s target price indicates a potential upside of 15.47% from the stock’s current price.

BAC has been the subject of several other reports. Truist Securities began coverage on shares of Bank of America in a research report on Wednesday, June 2nd. They issued a “buy” rating for the company. Morgan Stanley upped their price objective on shares of Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a research note on Thursday, July 29th. Truist began coverage on shares of Bank of America in a research note on Wednesday, June 2nd. They issued a “buy” rating on the stock. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Friday, June 18th. Finally, Keefe, Bruyette & Woods began coverage on shares of Bank of America in a research note on Wednesday, July 7th. They issued a “market perform” rating and a $43.87 price objective on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $40.42.

Shares of NYSE:BAC opened at $40.27 on Monday. The firm has a 50 day moving average of $40.03 and a 200-day moving average of $40.01. The stock has a market capitalization of $338.87 billion, a PE ratio of 13.47, a PEG ratio of 1.72 and a beta of 1.55. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.08. Bank of America has a 12 month low of $22.95 and a 12 month high of $43.49.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 14th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.26. The business had revenue of $21.50 billion during the quarter, compared to analysts’ expectations of $21.77 billion. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 EPS. On average, research analysts predict that Bank of America will post 3.34 EPS for the current fiscal year.

In related news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the firm’s stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the completion of the sale, the insider now owns 337,006 shares in the company, valued at $13,473,499.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.22% of the company’s stock.

Large investors have recently modified their holdings of the business. Robbins Farley LLC bought a new position in Bank of America during the first quarter worth about $25,000. Newton One Investments LLC bought a new position in Bank of America during the second quarter worth about $29,000. Cowen Prime Advisors LLC bought a new position in Bank of America during the second quarter worth about $31,000. Ritter Daniher Financial Advisory LLC boosted its position in shares of Bank of America by 156.7% in the first quarter. Ritter Daniher Financial Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 500 shares during the period. Finally, Sage Financial Management Group Inc. bought a new position in shares of Bank of America in the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

About Bank of America

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

Featured Article: How to Invest in Growth Stocks

The Fly logo

Analyst Recommendations for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.