Bank of America (NYSE:BAC) Shares Up 1.1% After Analyst Upgrade

Bank of America Corporation (NYSE:BAC)’s share price shot up 1.1% during trading on Friday after Royal Bank Of Canada raised their price target on the stock from $56.00 to $59.00. Royal Bank Of Canada currently has an outperform rating on the stock. Bank of America traded as high as $55.30 and last traded at $55.14. 40,210,939 shares changed hands during mid-day trading, an increase of 0% from the average session volume of 40,062,250 shares. The stock had previously closed at $54.56.

Several other research analysts have also commented on the stock. Morgan Stanley lifted their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Argus raised their target price on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Wolfe Research upped their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Truist Financial increased their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Wells Fargo & Company boosted their target price on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Institutional Trading of Bank of America

A number of large investors have recently modified their holdings of the company. Boston Common Asset Management LLC grew its position in shares of Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after purchasing an additional 24,740 shares during the period. Disciplined Investments LLC acquired a new stake in shares of Bank of America in the second quarter worth $217,000. Sunbeam Capital Management LLC boosted its position in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares during the period. CCG Wealth Management LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $287,000. Finally, Community Financial Services Group LLC lifted its position in shares of Bank of America by 3.5% during the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock worth $8,000,000 after purchasing an additional 5,787 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.1%

The business’s 50-day simple moving average is $52.39 and its two-hundred day simple moving average is $49.49. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $402.66 billion, a PE ratio of 15.02 and a beta of 1.30.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 EPS. On average, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

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.