Bank of America (NYSE:BAC) Upgraded by Dbs Bank to “Moderate Buy” Rating

Bank of America (NYSE:BAC) was upgraded by Dbs Bank to a “moderate buy” rating in a research report issued on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on BAC. HSBC boosted their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. TD Cowen upped their target price on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Daiwa Capital Markets upped their target price on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Truist Financial upped their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.23.

Bank of America Trading Up 1.3%

Shares of NYSE BAC opened at $51.77 on Wednesday. The business’s 50 day moving average is $50.47 and its two-hundred day moving average is $46.19. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America has a 1-year low of $33.06 and a 1-year high of $52.88. The stock has a market capitalization of $383.49 billion, a P/E ratio of 14.11, a PEG ratio of 1.94 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the firm posted $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, research analysts expect that Bank of America will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related 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 value of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 modified their holdings of the company. Nova Wealth Management Inc. boosted its holdings in shares of 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 during the period. Quaker Wealth Management LLC boosted its holdings in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the period. RMG Wealth Management LLC purchased a new stake in Bank of America during the second quarter worth $28,000. Steph & Co. lifted its holdings in 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 buying an additional 379 shares during the period. Finally, CGC Financial Services LLC lifted its holdings in 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 buying an additional 521 shares during the period. Hedge funds and other institutional investors 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.