Shares of Bank of America Corp (NYSE:BAC) have earned a consensus recommendation of “Hold” from the twenty-six brokerages that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and fourteen have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $30.08.
BAC has been the topic of a number of research reports. Vetr raised shares of Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 target price on the stock in a research report on Tuesday, November 7th. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a report on Thursday, December 14th. Wells Fargo & Co set a $35.00 price target on shares of Bank of America and gave the company a “buy” rating in a report on Wednesday, December 20th. Finally, Credit Suisse Group upgraded shares of Bank of America to an “outperform” rating and raised their price target for the company from $32.00 to $35.00 in a report on Thursday, January 4th.
A number of hedge funds have recently added to or reduced their stakes in BAC. Beach Investment Management LLC. boosted its stake in Bank of America by 851.6% in the 2nd quarter. Beach Investment Management LLC. now owns 880,908 shares of the financial services provider’s stock worth $21,371,000 after purchasing an additional 788,338 shares in the last quarter. Rational Advisors LLC boosted its stake in Bank of America by 134.7% in the 2nd quarter. Rational Advisors LLC now owns 108,300 shares of the financial services provider’s stock worth $2,627,000 after purchasing an additional 62,149 shares in the last quarter. Trillium Asset Management LLC boosted its stake in Bank of America by 2.6% in the 2nd quarter. Trillium Asset Management LLC now owns 857,459 shares of the financial services provider’s stock worth $20,802,000 after purchasing an additional 21,907 shares in the last quarter. Dupont Capital Management Corp boosted its stake in Bank of America by 13.9% in the 2nd quarter. Dupont Capital Management Corp now owns 1,669,094 shares of the financial services provider’s stock worth $40,492,000 after purchasing an additional 203,759 shares in the last quarter. Finally, LMR Partners LLP raised its position in Bank of America by 1,750.2% during the 2nd quarter. LMR Partners LLP now owns 199,859 shares of the financial services provider’s stock worth $4,848,000 after buying an additional 189,057 shares during the last quarter. Institutional investors own 68.67% of the company’s stock.
Bank of America (NYSE BAC) traded up $0.01 during midday trading on Friday, reaching $31.98. 39,236,651 shares of the company’s stock were exchanged, compared to its average volume of 79,605,563. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The stock has a market cap of $329,810.00, a P/E ratio of 20.79, a price-to-earnings-growth ratio of 1.62 and a beta of 1.41. Bank of America has a 1-year low of $22.07 and a 1-year high of $32.67.
Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. equities research analysts expect that Bank of America will post 2.46 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.
Bank of America announced that its board has approved a share repurchase program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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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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