Bank of America (NYSE:BAC) had its price target upped by Royal Bank of Canada to $35.00 in a research note released on Thursday morning. The brokerage currently has an outperform rating on the financial services provider’s stock.
Several other research analysts have also recently weighed in on the company. BMO Capital Markets raised their target price on Bank of America to $34.00 and gave the company an average rating in a research note on Thursday. They noted that the move was a valuation call. Vining Sparks reaffirmed a buy rating and set a $34.00 target price on shares of Bank of America in a research note on Wednesday. ValuEngine cut Bank of America from a buy rating to a hold rating in a research note on Tuesday. Vetr cut Bank of America from a strong-buy rating to a buy rating and set a $33.89 target price for the company. in a research note on Wednesday, January 10th. Finally, Societe Generale cut Bank of America from a buy rating to a hold rating in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $29.87.
Shares of Bank of America (NYSE BAC) traded up $0.22 during mid-day trading on Thursday, reaching $31.72. The company had a trading volume of 66,490,000 shares, compared to its average volume of 68,870,000. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $31.79. The company has a market capitalization of $330,860.00, a PE ratio of 20.60, a P/E/G ratio of 1.68 and a beta of 1.32. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. During the same quarter last year, the business posted $0.40 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. sell-side analysts expect that Bank of America will post 2.31 EPS for the current year.
Bank of America announced that its Board of Directors has approved a stock repurchase plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio is 31.17%.
Several hedge funds and other institutional investors have recently made changes to their positions in BAC. Gateway Advisory LLC lifted its stake in Bank of America by 0.4% in the 2nd quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 45 shares in the last quarter. Arbor Investment Advisors LLC lifted its stake in Bank of America by 0.3% in the 2nd quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after acquiring an additional 46 shares in the last quarter. Lbmc Investment Advisors LLC lifted its stake in Bank of America by 0.3% in the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 51 shares in the last quarter. TCI Wealth Advisors Inc. lifted its stake in Bank of America by 0.4% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 54 shares in the last quarter. Finally, Altavista Wealth Management Inc. lifted its stake in Bank of America by 0.7% in the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after acquiring an additional 68 shares in the last quarter. 68.46% of the stock is owned by institutional investors and hedge funds.
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Bank of America 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.
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