Bank of America (NYSE:BAC) Upgraded by Hsbc Global Res to “Strong-Buy” Rating

Hsbc Global Res upgraded shares of Bank of America (NYSE:BAC) from a hold rating to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports.

A number of other brokerages also recently weighed in on BAC. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a research report on Tuesday. Truist Financial initiated coverage on shares of Bank of America in a report on Tuesday. They set a “buy” rating and a $52.00 price target on the stock. Finally, Oppenheimer reduced their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Up 0.3 %

Shares of Bank of America stock opened at $46.21 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America has a 12-month low of $31.27 and a 12-month high of $48.08. The firm has a market capitalization of $354.56 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The stock’s fifty day moving average is $45.46 and its 200-day moving average is $42.15.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. The firm’s revenue was up .4% compared to the same quarter last year. Equities analysts anticipate that Bank of America will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction 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 transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BAC. Longfellow Investment Management Co. LLC raised its stake in shares of Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. raised its position in Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares during the last quarter. Integrity Financial Corp WA lifted its holdings in Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after buying an additional 240 shares in the last quarter. Cahill Financial Advisors Inc. boosted its position in Bank of America by 2.1% in the 3rd quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after buying an additional 249 shares during the last quarter. Finally, Chicago Capital LLC increased its stake in shares of Bank of America by 1.8% in the 3rd quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after buying an additional 250 shares during the period. 70.71% of the stock is owned by institutional investors.

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.