Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $54.00

Bank of America (NYSE:BAC) had its target price cut by stock analysts at Oppenheimer from $57.00 to $54.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price objective indicates a potential upside of 20.51% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Evercore ISI raised their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $48.00 to $55.00 in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.82.

Bank of America Trading Up 1.2 %

Shares of Bank of America stock opened at $44.81 on Friday. Bank of America has a 12-month low of $31.27 and a 12-month high of $48.08. The stock has a market cap of $343.82 billion, a PE ratio of 16.29, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a 50-day moving average of $45.17 and a two-hundred day moving average of $41.98. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. On average, research analysts anticipate that Bank of America will post 3.27 EPS for the current fiscal year.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 16,772,932 shares of company stock worth $693,852,472. 0.29% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BAC. Fairway Wealth LLC purchased a new stake in Bank of America during the 2nd quarter worth $27,000. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter valued at about $29,000. Christopher J. Hasenberg Inc increased its position in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the third quarter worth about $45,000. Finally, Truvestments Capital LLC purchased a new position in Bank of America in the third quarter valued at about $73,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.