Bank of America (NYSE:BAC) Given New $57.00 Price Target at The Goldman Sachs Group

Bank of America (NYSE:BAC) had its price target decreased by investment analysts at The Goldman Sachs Group from $67.00 to $57.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 18.88% from the stock’s previous close.

A number of other equities analysts have also issued reports on BAC. Evercore set a $59.00 target price on shares of Bank of America in a research report on Thursday, January 15th. Daiwa Securities Group dropped their price objective on shares of Bank of America from $66.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday, January 27th. JPMorgan Chase & Co. upped their price objective on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. Piper Sandler increased their price objective on Bank of America from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, January 15th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, January 27th. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.87.

Bank of America Price Performance

BAC stock traded up $0.79 during trading on Monday, hitting $47.95. 23,014,131 shares of the stock traded hands, compared to its average volume of 42,878,133. The stock has a market cap of $344.09 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 1.15 and a beta of 1.28. Bank of America has a one year low of $33.06 and a one year high of $57.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a 50 day simple moving average of $51.59 and a 200 day simple moving average of $52.36.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $27.73 billion. During the same quarter last year, the business posted $0.82 earnings per share. The company’s revenue was up 12.3% on a year-over-year basis. Equities analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Insider Buying and Selling

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the sale, the insider owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 227,832 shares of company stock valued at $11,094,960 over the last three months. Company insiders own 0.30% of the company’s stock.

Institutional Trading of Bank of America

A number of institutional investors have recently modified their holdings of the company. Brighton Jones LLC raised its position in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after purchasing an additional 6,174 shares during the last quarter. Coldstream Capital Management Inc. lifted its position in shares of Bank of America by 13.4% in the second quarter. Coldstream Capital Management Inc. now owns 128,889 shares of the financial services provider’s stock worth $6,099,000 after purchasing an additional 15,249 shares in the last quarter. Intellus Advisors LLC bought a new stake in shares of Bank of America in the second quarter worth $208,000. Finally, Summit Global Investments boosted its holdings in Bank of America by 198.7% during the second quarter. Summit Global Investments now owns 42,258 shares of the financial services provider’s stock worth $2,000,000 after purchasing an additional 28,110 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.