Bank of America (NYSE:BAC) Stock Price Expected to Rise, Seaport Global Securities Analyst Says

Key Points

• Seaport Global Securities has increased its price target for Bank of America from $59.00 to $66.00, reflecting a potential upside of 29.56% from the current stock price.
• The majority of analysts maintain a buy rating on Bank of America, with a consensus price target of $53.38 and positive earnings outlook for the current fiscal year forecasted at $3.7 earnings per share.
• Bank of America has authorized a substantial $40 billion stock repurchase program, indicating confidence in the company's stock value.

Bank of America (NYSE:BAC) had its price objective increased by research analysts at Seaport Global Securities from $59.00 to $66.00 in a note issued to investors on Monday,MarketScreener reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Seaport Global Securities' target price points to a potential upside of 29.56% from the stock's current price.

BAC has been the subject of several other research reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Bank of America in a research note on Saturday, September 27th. HSBC upped their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a "hold" rating in a research note on Thursday. TD Cowen upped their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Nineteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.38.

Bank of America Stock Performance

Shares of Bank of America stock opened at $50.94 on Monday. The firm has a market cap of $377.33 billion, a PE ratio of 14.91, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. Bank of America has a 1 year low of $33.06 and a 1 year high of $52.88. The firm's 50-day simple moving average is $49.37 and its 200-day simple moving average is $45.30. 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 (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.83 earnings per share. Equities analysts forecast that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated 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 approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.

Institutional Trading of Bank of America

Large investors have recently made changes to their positions in the company. Nicholas Hoffman & Company LLC. increased its position in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock worth $2,589,000 after buying an additional 33,963 shares during the period. Boston Common Asset Management LLC raised its position in 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 worth $12,288,000 after acquiring an additional 24,740 shares during the period. Prosperity Wealth Management Inc. purchased a new position in Bank of America during the first quarter valued at approximately $998,000. Alpha Cubed Investments LLC lifted its position in Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after purchasing an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Bank of America by 170.5% in the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock valued at $9,951,000 after purchasing an additional 150,299 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

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.

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