Bank of America (NYSE:BAC) Raised to Strong-Buy at Hsbc Global Res

Bank of America (NYSE:BAC) was upgraded by stock analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also commented on the company. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Morgan Stanley downgraded 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 research report on Monday, December 9th. Piper Sandler raised their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Performance

BAC stock opened at $46.21 on Tuesday. The firm has a 50 day moving average of $45.38 and a two-hundred day moving average of $42.12. Bank of America has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a market capitalization of $354.56 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 1.55 and a beta of 1.33. 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 (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The business’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America will post 3.27 EPS for the current fiscal year.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bank of America

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