Vining Sparks reissued their buy rating on shares of Bank of America (NYSE:BAC) in a report published on Wednesday. Vining Sparks currently has a $34.00 target price on the financial services provider’s stock.
“Bank of America’s recent earnings momentum along with the upcoming tax benefit suggests that our 42% expected growth in earnings per share in 2018E should be reasonable. This strong earnings momentum along with actually pushing its return-on-tangible common equity above 15% in 2018E is why we believe 10% plus upside is still possible.”,” Vining Sparks’ analyst wrote.
A number of other brokerages also recently commented on BAC. ValuEngine downgraded shares of Bank of America from a buy rating to a hold rating in a report on Tuesday, January 16th. Societe Generale downgraded shares of Bank of America from a buy rating to a hold rating in a report on Tuesday, January 9th. Vetr downgraded shares of Bank of America from a strong-buy rating to a buy rating and set a $33.89 price target for the company. in a report on Wednesday, January 10th. BMO Capital Markets reaffirmed a hold rating and issued a $31.00 price target on shares of Bank of America in a report on Monday, January 8th. Finally, Zacks Investment Research raised shares of Bank of America from a hold rating to a buy rating and set a $33.00 price target for the company in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $29.87.
Bank of America (NYSE:BAC) opened at $31.72 on Wednesday. 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 has a 1-year low of $22.07 and a 1-year high of $31.79. The company has a market cap of $326,313.16, a PE ratio of 20.46, a P/E/G ratio of 1.66 and a beta of 1.32.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. During the same quarter last year, the firm earned $0.40 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. research analysts expect that Bank of America will post 2.45 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is currently 30.97%.
Bank of America declared that its Board of Directors has approved a share buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
Large investors have recently modified their holdings of the company. 1ST Source Bank increased its position in shares of Bank of America by 4.8% during the third quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock worth $2,056,000 after acquiring an additional 3,690 shares during the period. TIAA FSB purchased a new position in shares of Bank of America during the second quarter worth approximately $2,400,000. Personal Capital Advisors Corp purchased a new position in shares of Bank of America during the third quarter worth approximately $311,000. Lbmc Investment Advisors LLC increased its position in shares of Bank of America by 0.3% during the second 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 during the period. Finally, Victory Capital Management Inc. increased its position in shares of Bank of America by 75.3% during the third quarter. Victory Capital Management Inc. now owns 1,401,094 shares of the financial services provider’s stock worth $35,504,000 after acquiring an additional 601,675 shares during the period. 68.46% of the stock is currently owned by institutional investors and hedge funds.
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About Bank of America
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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