Bank of America (NYSE:BAC) Earns Buy (B-) Rating from Weiss Ratings

Key Points

• Bank of America has received a reaffirmed strong "buy (B-)" rating from Weiss Ratings, indicating positive investor sentiment.
• Recent stock price target adjustments include a decrease from Oppenheimer to $56.00 and an increase from Evercore ISI to $55.00, showcasing mixed analyst opinions.
• The company's board has approved a significant $40 billion stock repurchase plan, which is often seen as a sign of confidence in the firm's value.

Bank of America (NYSE:BAC)'s stock had its "buy (b-)" rating restated by equities researchers at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

BAC has been the topic of a number of other research reports. Oppenheimer decreased their target price on shares of Bank of America from $57.00 to $56.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 23rd. Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Evercore ISI boosted their target price on shares of Bank of America from $49.00 to $55.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 30th. Phillip Securities cut shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Finally, The Goldman Sachs Group lifted their price target on shares of 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 given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $54.11.

Bank of America Price Performance

NYSE:BAC traded down $0.47 during mid-day trading on Wednesday, reaching $49.82. The stock had a trading volume of 23,996,276 shares, compared to its average volume of 40,738,211. The stock has a 50-day simple moving average of $49.46 and a two-hundred day simple moving average of $45.39. The stock has a market capitalization of $369.01 billion, a PE ratio of 14.57, a P/E/G ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America has a 12 month low of $33.06 and a 12 month high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company's revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 earnings per share. On average, equities analysts anticipate that Bank of America will post 3.7 earnings per share for the current year.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Bank of America

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% in the second 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 in the last quarter. Quaker Wealth Management LLC increased its position in shares of Bank of America by 246.5% during 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 in the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the second quarter worth about $28,000. Steph & Co. increased its position in shares of Bank of America by 224.3% during the third 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 increased its position in shares of Bank of America by 585.4% during the second 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. 70.71% of the stock is owned by institutional investors.

About Bank of America

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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