Bank of America (NYSE:BAC) Given New $56.00 Price Target at Oppenheimer

Key Points

• Oppenheimer downgraded Bank of America's price target from $57.00 to $56.00, maintaining an "outperform" rating, which suggests a potential upside of 7.13% from the previous close.
• Multiple analysts have revised their ratings and price targets for Bank of America, with Morgan Stanley increasing their target to $49.00 and Citigroup raising it to $58.00, underscoring a general trend of optimism among analysts.
• Bank of America authorized a $40.00 billion share repurchase plan, indicating confidence from the Board of Directors regarding the stock's valuation.

Bank of America (NYSE:BAC) had its price objective decreased by analysts at Oppenheimer from $57.00 to $56.00 in a research note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Oppenheimer's target price indicates a potential upside of 7.13% from the stock's previous close.

A number of other research analysts have also recently weighed in on BAC. Morgan Stanley lifted their target price on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Truist Financial increased their target price on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Citigroup boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday. Robert W. Baird reissued a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Finally, Hsbc Global Res downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $50.76.

Bank of America Price Performance

BAC stock opened at $52.27 on Tuesday. The firm has a 50 day moving average of $48.65 and a 200-day moving average of $44.63. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a market cap of $387.17 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 2.03 and a beta of 1.34. Bank of America has a 12-month low of $33.06 and a 12-month high of $52.66.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data 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 business had revenue of ($22,273.00) million during 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%. During the same period last year, the company posted $0.83 EPS. The company's revenue was up 4.3% on a year-over-year basis. As a group, equities analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share repurchase 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 stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Bank of America

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 transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company's stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bank of America

Several institutional investors and hedge funds have recently modified their holdings of the business. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC grew its position in 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 buying an additional 880 shares in the last quarter. RMG Wealth Management LLC bought a new stake in Bank of America in the 2nd quarter valued at $28,000. CGC Financial Services LLC raised its stake in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock valued at $29,000 after buying an additional 521 shares in the last quarter. Finally, Wealth Preservation Advisors LLC lifted its holdings in shares of Bank of America by 48.7% during the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider's stock worth $32,000 after acquiring an additional 223 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

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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