Bank of America Corporation (NYSE:BAC) PT Raised to $28.00 at Royal Bank Of Canada

Bank of America Corporation (NYSE:BAC) had its price objective upped by Royal Bank Of Canada from $26.00 to $28.00 in a research note released on Monday, October 16th, Marketbeat.com reports. The firm currently has an outperform rating on the financial services provider’s stock.

Other research analysts have also issued research reports about the company. Vetr upgraded Bank of America Corporation from a hold rating to a buy rating and set a $26.59 price target for the company in a research report on Monday, October 16th. Oppenheimer Holdings, Inc. reiterated a buy rating on shares of Bank of America Corporation in a research report on Friday, October 13th. Credit Suisse Group reiterated an outperform rating on shares of Bank of America Corporation in a research report on Tuesday, October 10th. Zacks Investment Research lowered Bank of America Corporation from a hold rating to a sell rating in a research report on Tuesday, October 10th. Finally, Citigroup Inc. reiterated a neutral rating and issued a $27.00 price target (up previously from $25.00) on shares of Bank of America Corporation in a research report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have issued a buy rating and three have assigned a strong buy rating to the stock. Bank of America Corporation has an average rating of Buy and an average price target of $25.47.

Shares of Bank of America Corporation (NYSE BAC) opened at 27.74 on Monday. Bank of America Corporation has a 12 month low of $16.28 and a 12 month high of $27.98. The company has a market capitalization of $291.73 billion, a P/E ratio of 15.88 and a beta of 1.25. The company’s 50 day moving average price is $25.38 and its 200 day moving average price is $24.13.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 earnings per share. Analysts expect that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.73%. Bank of America Corporation’s dividend payout ratio (DPR) is currently 27.43%.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America Corporation during the 2nd quarter worth about $100,000. Armbruster Capital Management Inc. raised its position in shares of Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 423 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in shares of Bank of America Corporation by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in shares of Bank of America Corporation during the 2nd quarter worth about $115,000. Finally, Tarbox Family Office Inc. raised its position in shares of Bank of America Corporation by 0.4% during the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after purchasing an additional 21 shares during the last quarter. Institutional investors and hedge funds own 61.53% of the company’s stock.

Bank of America Corporation Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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