RBC Capital Sticks to Its Buy Rating for Bank of America (BAC)

RBC Capital analyst Gerard Cassidy maintained a Buy rating on Bank of America yesterday and set a price target of $59.00. The company’s shares closed yesterday at $54.32.

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Cassidy covers the Financial sector, focusing on stocks such as Goldman Sachs Group, Fifth Third Bancorp, and JPMorgan Chase. According to TipRanks, Cassidy has an average return of 14.6% and a 71.40% success rate on recommended stocks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Bank of America with a $59.84 average price target, which is a 10.16% upside from current levels. In a report released today, KBW also maintained a Buy rating on the stock with a $64.00 price target.

Based on Bank of America’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $49.69 billion and a net profit of $7.53 billion. In comparison, last year the company earned a revenue of $46.97 billion and had a net profit of $6.67 billion

Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BAC in relation to earlier this year. Last month, Bernard A Mensah, the Intl. President of BAC sold 94,000.00 shares for a total of $4,412,360.00.