Bank of America Corporation (BAC) Given a $27.00 Price Target by UBS AG Analysts

UBS AG set a $27.00 price target on Bank of America Corporation (NYSE:BAC) in a research note released on Monday, October 16th, www.benzinga.com reports. The firm currently has a hold rating on the financial services provider’s stock.

Other research analysts have also issued research reports about the stock. Oppenheimer Holdings, Inc. restated an outperform rating and set a $30.00 price target (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. BidaskClub upgraded shares of Bank of America Corporation from a sell rating to a hold rating in a report on Friday, September 22nd. BMO Capital Markets restated a market perform rating and set a $29.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, October 16th. Vetr upgraded shares of Bank of America Corporation from a sell rating to a hold rating and set a $23.99 price objective for the company in a research note on Friday, July 14th. Finally, Wells Fargo & Company began coverage on shares of Bank of America Corporation in a research note on Wednesday, August 9th. They issued an outperform rating and a $30.00 price objective for the company. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have given a buy rating and three have assigned a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $25.47.



Shares of Bank of America Corporation (NYSE:BAC) traded up 0.22% on Monday, reaching $27.80. The company’s stock had a trading volume of 58,856,675 shares. The stock has a 50-day moving average of $25.38 and a 200 day moving average of $24.13. The stock has a market capitalization of $292.36 billion, a PE ratio of 15.91 and a beta of 1.25. Bank of America Corporation has a 1-year low of $16.28 and a 1-year high of $27.96.

Bank of America Corporation (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. During the same period last year, the company earned $0.41 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post $1.82 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a dividend of $0.12 per share. 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 is presently 27.43%.

In related news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction 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 filing with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of BAC. Janus Henderson Group PLC raised its holdings in Bank of America Corporation by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after purchasing an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Bank of America Corporation by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. raised its holdings in Bank of America Corporation by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in Bank of America Corporation by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after purchasing an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD raised its holdings in Bank of America Corporation by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after purchasing an additional 7,231,615 shares in the last quarter. Institutional investors and hedge funds own 61.53% of the company’s stock.

About Bank of America Corporation

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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