Oppenheimer Assigned a Buy Rating to Bank of America

By Ryan Adsit

In a report released yesterday, Chris Kotowski from Oppenheimer assigned a Buy rating to Bank of America (NYSE: BAC), with a price target of $19. The company’s shares closed yesterday at $16.68.

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 3.4% and a 62.6% success rate. Kotowski covers the Financial sector, focusing on stocks such as Fidus Investment Corporation, Discover Financial Services, and Leucadia National Corp.

Currently, the analyst consensus on Bank of America is Strong Buy and the average price target is $18.33, representing a 9.9% upside.

In a report issued on October 17, Jefferies also reiterated a Buy rating on the stock with a $19 price target.

Based on Bank of America’s latest earnings report from June 30, the company posted quarterly revenue of $22.85B and quarterly net profit of $4.23B. In comparison, last year the company earned revenue of $23.18B and had a net profit of $4.51B.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BAC in relation to earlier this year. Most recently, in January 2016, Brian Moynihan, a the Chairman & CEO of BAC sold 17,747 shares for a total of $264,430.