Rating to Follow: Is Bank of America (NYSE:BAC) a Buy? Keefe Bruyette Upgrades It

November 29, 2016 - By Darrin Black

Rating to Follow:  Is Bank of America (NYSE:BAC) a Buy? Keefe Bruyette Upgrades It

Bank of America (NYSE:BAC) Upgrade

In a an analyst report revealed to investors on Tuesday morning, equity research analysts at Keefe Bruyette’s research division upgraded Bank of America (NYSE:BAC)‘s stock from a “Mkt Perform” to “Outperform”.

Bank of America Corp (NYSE:BAC) Ratings Coverage

Out of 23 analysts covering Bank of America (NYSE:BAC), 12 rate it a “Buy”, 0 “Sell”, while 11 “Hold”. This means 52% are positive. $21 is the highest target while $15 is the lowest. The $17.89 average target is -12.77% below today’s ($20.51) stock price. Bank of America has been the topic of 47 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Deutsche Bank downgraded the shares of BAC in a report on Tuesday, November 8 to “Hold” rating. The firm has “Neutral” rating given on Wednesday, November 16 by Robert W. Baird. CLSA maintained the stock with “Outperform” rating in Friday, September 23 report. The stock of Bank of America Corp (NYSE:BAC) has “Buy” rating given on Tuesday, September 8 by Nomura. The rating was upgraded by KBW on Monday, August 24 to “Outperform”. The stock of Bank of America Corp (NYSE:BAC) earned “Buy” rating by Sandler O’Neill on Wednesday, January 20. Oppenheimer maintained the shares of BAC in a report on Tuesday, October 6 with “Outperform” rating. Citigroup maintained the shares of BAC in a report on Tuesday, July 19 with “Buy” rating. The firm earned “Buy” rating on Monday, October 10 by Jefferies. The stock of Bank of America Corp (NYSE:BAC) earned “Buy” rating by Jefferies on Wednesday, October 7.

About 43.81 million shares traded hands. Bank of America Corp (NYSE:BAC) has risen 34.53% since April 26, 2016 and is uptrending. It has outperformed by 29.27% the S&P500.

Analysts await Bank of America Corp (NYSE:BAC) to report earnings on January, 13 before the open. They expect $0.38 earnings per share, up 35.71% or $0.10 from last year’s $0.28 per share. BAC’s profit will be $3.74B for 13.49 P/E if the $0.38 EPS becomes a reality. After $0.41 actual earnings per share reported by Bank of America Corp for the previous quarter, Wall Street now forecasts -7.32% negative EPS growth.

Insitutional Activity: The institutional sentiment increased to 1.01 in Q2 2016. Its up 0.11, from 0.9 in 2016Q1. The ratio is positive, as 101 funds sold all Bank of America Corp shares owned while 529 reduced positions. 83 funds bought stakes while 482 increased positions. They now own 6.08 billion shares or 0.24% less from 6.09 billion shares in 2016Q1.

Inr Advisory Svcs Ltd Limited Liability Company, a Pennsylvania-based fund reported 90,428 shares. Modera Wealth Mngmt Limited Liability Company holds 0.13% or 28,234 shares in its portfolio. Icon Advisers Communications has 1.07% invested in the company for 1.19M shares. American Assets Investment Mgmt Lc holds 1.06% or 327,610 shares in its portfolio. Univest Corporation Of Pennsylvania accumulated 12,843 shares or 0.08% of the stock. Strs Ohio holds 0.59% of its portfolio in Bank of America Corp (NYSE:BAC) for 10.00 million shares. Quantitative Systematic Strategies Limited has 12,729 shares for 0.08% of their US portfolio. Moreover, Eagle Ridge Mngmt has 1.12% invested in Bank of America Corp (NYSE:BAC) for 367,328 shares. Associated Banc, a Alabama-based fund reported 89,856 shares. Mountain Pacific Invest Advisers Inc Id, a Idaho-based fund reported 12,079 shares. Sol Mngmt Communications has 195,848 shares for 0.87% of their US portfolio. Crestwood Advisors Ltd Liability holds 717,394 shares or 1.18% of its portfolio. Bancshares Of The Ozarks, a Arkansas-based fund reported 59,111 shares. The Illinois-based Envestnet Asset Mgmt Incorporated has invested 0.07% in Bank of America Corp (NYSE:BAC). Cibc Ww Markets owns 194,724 shares or 0.07% of their US portfolio.

Insider Transactions: Since August 2, 2016, the stock had 2 buys, and 1 sale for $11.52 billion net activity. 1.25B Bank of America Corp (NYSE:BAC) shares with value of $11.52B were sold by YNOFACE Holdings Inc. WHITE MICHAEL D also bought $503,500 worth of Bank of America Corp (NYSE:BAC) shares. Another trade for 25,000 shares valued at $353,250 was bought by Woods Thomas D.

Bank of America Corporation is a bank holding and financial holding company. The company has a market cap of $201.69 billion. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and governments with various banking, investing, asset management and other financial and risk management services and products. It has a 15.22 P/E ratio.

According to Zacks Investment Research, “Bank of America Corp. is one of the world’s leading financial services companies. Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose.”

BAC Company Profile

Bank of America Corporation, incorporated on July 31, 1998, is a bank holding firm (BHC) and a financial holding company. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and governments with a range of banking, investing, asset management and other financial and risk management services and products. The Company’s divisions include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets, Legacy Assets & Servicing (LAS) and All Other. Through its banking and various nonbank subsidiaries throughout the United States and international markets, the Company provides a range of banking and nonbank financial services and products.

More notable recent Bank of America Corp (NYSE:BAC) news were published by: Investorplace.com which released: “Tuesday’s Vital Data: Bank of America Corp (BAC), Amazon.com, Inc. (AMZN) and …” on November 29, 2016, also Investorplace.com with their article: “Wednesday’s Vital Data: Bank of America Corp (BAC), Apple Inc. (AAPL) and AT&T …” published on November 23, 2016, Investorplace.com published: “Bank of America Corp (BAC) Stock: Is the Trump Boost Over?” on November 17, 2016. More interesting news about Bank of America Corp (NYSE:BAC) were released by: Investorplace.com and their article: “Bank of America Corp (BAC) Stock Is the Best Bet in the Sector” published on November 22, 2016 as well as Investorplace.com‘s news article titled: “Bank of America Corp (BAC) Stock Is STILL Cheap, Somehow” with publication date: November 11, 2016.

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