Bank of America (NYSE:BAC) Rating Increased to Buy at Deutsche Bank Aktiengesellschaft

Bank of America (NYSE:BAC) was upgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a research note issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $45.00 target price on the financial services provider’s stock. Deutsche Bank Aktiengesellschaft’s price objective would indicate a potential upside of 11.14% from the stock’s previous close.

A number of other analysts have also commented on the company. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price target (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Barclays lifted their target price on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Evercore ISI upped their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Morgan Stanley boosted their price objective on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Stock Down 0.5 %

NYSE BAC opened at $40.49 on Tuesday. The business has a fifty day moving average price of $40.30 and a two-hundred day moving average price of $38.45. The stock has a market capitalization of $316.65 billion, a PE ratio of 14.01, a PEG ratio of 1.46 and a beta of 1.35. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the previous year, the firm earned $0.88 earnings per share. The business’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts expect that Bank of America will post 3.28 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,607,967 shares of company stock worth $4,122,466,245. 0.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of America

Hedge funds have recently modified their holdings of the stock. McAdam LLC lifted its position in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after buying an additional 238 shares during the last quarter. BTC Capital Management Inc. lifted its holdings in shares of Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. boosted its stake in shares of Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the period. SNS Financial Group LLC grew its holdings in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the last quarter. Finally, Verdence Capital Advisors LLC raised its position in Bank of America by 0.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after purchasing an additional 251 shares during the period. Institutional investors 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.