Bank of America (NYSE:BAC) had its price target boosted by Credit Suisse Group from $35.00 to $36.00 in a report published on Friday morning, Marketbeat reports. They currently have an outperform rating on the financial services provider’s stock.
Several other equities analysts have also recently commented on BAC. Vetr cut shares of Bank of America from a buy rating to a hold rating and set a $34.13 price objective for the company. in a research note on Monday, March 12th. Zacks Investment Research cut shares of Bank of America from a buy rating to a hold rating in a research note on Tuesday, February 13th. Morgan Stanley boosted their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an overweight rating in a research note on Friday, February 2nd. ValuEngine raised shares of Bank of America from a hold rating to a buy rating in a research note on Friday, February 2nd. Finally, Royal Bank of Canada boosted their price objective on shares of Bank of America to $35.00 and gave the company an outperform rating in a research note on Thursday, January 18th. Ten investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $30.89.
Shares of Bank of America stock opened at $31.98 on Friday. Bank of America has a 12-month low of $22.07 and a 12-month high of $33.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a market cap of $329,539.50, a P/E ratio of 20.63, a PEG ratio of 1.63 and a beta of 1.36.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. sell-side analysts expect that Bank of America will post 2.46 EPS for the current year.
Bank of America declared that its board has approved a share buyback 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 buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. Bank of America’s dividend payout ratio is presently 30.97%.
A number of hedge funds have recently added to or reduced their stakes in the business. Elkfork Partners LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at $30,270,000. Fairfield Bush & CO. boosted its stake in shares of Bank of America by 14.1% in the 4th quarter. Fairfield Bush & CO. now owns 38,279 shares of the financial services provider’s stock valued at $1,130,000 after purchasing an additional 4,725 shares in the last quarter. Wagner Wealth Management LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at $562,000. Hanson McClain Inc. boosted its stake in shares of Bank of America by 5.6% in the 4th quarter. Hanson McClain Inc. now owns 31,908 shares of the financial services provider’s stock valued at $942,000 after purchasing an additional 1,694 shares in the last quarter. Finally, Colonial Trust Advisors boosted its stake in shares of Bank of America by 5.9% in the 4th quarter. Colonial Trust Advisors now owns 54,522 shares of the financial services provider’s stock valued at $1,609,000 after purchasing an additional 3,040 shares in the last quarter. 69.83% 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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