Weiss Ratings Reiterates “Buy (B-)” Rating for Bank of America (NYSE:BAC)

by · The Markets Daily

Bank of America (NYSE:BAC)‘s stock had its “buy (b-)” rating reiterated by investment analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other analysts have also recently commented on BAC. Citigroup lifted their target price on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Oppenheimer lowered their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Tuesday, September 23rd. Finally, The Goldman Sachs Group raised their price target on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $54.11.

View Our Latest Stock Report on Bank of America

Bank of America Stock Down 0.3%

BAC opened at $49.71 on Wednesday. The business’s 50-day simple moving average is $49.55 and its 200-day simple moving average is $45.46. 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 one year low of $33.06 and a one year high of $52.88. The stock has a market capitalization of $368.20 billion, a P/E ratio of 14.54, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33.

Bank of America (NYSE:BAC – Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping 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 business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the previous year, the firm earned $0.83 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. Analysts anticipate that Bank of America will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on 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 sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Bank of America

Several institutional investors have recently modified their holdings of BAC. Nova Wealth Management Inc. boosted its stake in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Quaker Wealth Management LLC boosted its stake in shares of Bank of America by 246.5% during the 2nd 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 in the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth approximately $28,000. Steph & Co. boosted its stake in shares of Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 379 shares in the last quarter. Finally, CGC Financial Services LLC boosted its stake 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 acquiring an additional 521 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Company Profile

(Get Free Report)

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.

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