Deutsche Bank Aktiengesellschaft Increases Bank of America (NYSE:BAC) Price Target to $58.00

Bank of America (NYSE:BAC) had its target price upped by research analysts at Deutsche Bank Aktiengesellschaft from $56.00 to $58.00 in a report issued on Tuesday,MarketScreener reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Deutsche Bank Aktiengesellschaft’s price target would suggest a potential upside of 10.41% from the stock’s previous close.

BAC has been the topic of several other research reports. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and raised their price objective for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Wells Fargo & Company increased their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Finally, Robert W. Baird restated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.28.

Bank of America Stock Performance

Shares of BAC stock opened at $52.53 on Tuesday. The business has a 50-day simple moving average of $49.16 and a 200-day simple moving average of $45.05. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a market cap of $389.11 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 2.02 and a beta of 1.34. Bank of America has a 52-week low of $33.06 and a 52-week high of $52.88.

Bank of America (NYSE:BAC) last posted its earnings results 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 firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.83 EPS. On average, equities analysts expect that Bank of America will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were 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 directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Bank of America

Several hedge funds have recently modified their holdings of the stock. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% in the 2nd 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 in the last quarter. Quaker Wealth Management LLC lifted its holdings in 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 acquiring an additional 880 shares during the period. RMG Wealth Management LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth $28,000. CGC Financial Services LLC grew its stake in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Finally, Wealth Preservation Advisors LLC lifted its stake in shares of Bank of America by 48.7% in the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 223 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

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.