Bank of America (NYSE:BAC) had its price target increased by Barclays from $35.00 to $37.00 in a report issued on Tuesday. The firm currently has an equal weight rating on the financial services provider’s stock.
Other analysts also recently issued reports about the stock. Instinet decreased their price objective on shares of Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets upped their price objective on shares of Bank of America to $34.00 and gave the stock an average rating in a report on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine raised shares of Bank of America from a hold rating to a buy rating in a report on Friday, February 2nd. Vetr downgraded shares of Bank of America from a strong-buy rating to a buy rating and set a $33.89 price objective for the company. in a report on Wednesday, January 10th. Finally, Zacks Investment Research raised shares of Bank of America from a hold rating to a buy rating and set a $33.00 price objective for the company in a report on Tuesday, January 2nd. Ten research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $31.32.
Shares of BAC opened at $30.18 on Tuesday. Bank of America has a 12 month low of $22.07 and a 12 month high of $33.05. The firm has a market cap of $307,720.47, a PE ratio of 16.49, a price-to-earnings-growth ratio of 1.48 and a beta of 1.37. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.96.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.03. The company had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.04 billion. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. Bank of America’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 EPS. equities research analysts forecast that Bank of America will post 2.53 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.
A number of institutional investors have recently modified their holdings of BAC. 1ST Source Bank lifted its holdings in shares of Bank of America by 4.8% during the 3rd 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. Teacher Retirement System of Texas lifted its holdings in shares of Bank of America by 1.9% during the 3rd quarter. Teacher Retirement System of Texas now owns 6,806,200 shares of the financial services provider’s stock worth $172,469,000 after acquiring an additional 128,510 shares during the period. Personal Capital Advisors Corp bought a new position in shares of Bank of America during the 3rd quarter worth about $311,000. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of Bank of America by 7.5% during the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock worth $1,639,000 after acquiring an additional 4,537 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Bank of America by 75.3% during the 3rd 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. 69.85% of the stock is owned by hedge funds and other institutional investors.
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Bank of America Company Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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