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

RBC Capital analyst Gerard Cassidy maintained a Buy rating on Bank of America (BACResearch Report) yesterday and set a price target of $51.00. The company’s shares closed last Monday at $43.55.

According to TipRanks.com, Cassidy is a top 25 analyst with an average return of 28.5% and a 79.0% success rate. Cassidy covers the Financial sector, focusing on stocks such as JPMorgan Chase & Co., Fifth Third Bancorp, and Goldman Sachs Group.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Bank of America with a $51.79 average price target.

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Based on Bank of America’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $22.06 billion and net profit of $7.01 billion. In comparison, last year the company earned revenue of $20.69 billion and had a net profit of $5.47 billion.

Based on the recent corporate insider activity of 185 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Bank of America Corp. provides banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The company was founded by Amadeo Peter Giannini in 1904 is headquartered in Charlotte, NC.

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