Bank of America (NYSE:BAC) had its price target lowered by Credit Suisse Group from $36.00 to $35.00 in a research report sent to investors on Friday morning, The Fly reports. The firm currently has an outperform rating on the financial services provider’s stock.
Several other equities analysts have also recently commented on the company. BMO Capital Markets increased their target price on Bank of America from $35.00 to $36.00 and gave the company a market perform rating in a research note on Tuesday, October 16th. Wolfe Research initiated coverage on Bank of America in a research note on Tuesday, September 25th. They set an outperform rating for the company. Finally, ValuEngine cut Bank of America from a hold rating to a sell rating in a research note on Tuesday, October 23rd. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Bank of America presently has a consensus rating of Buy and a consensus price target of $34.55.
Shares of Bank of America stock traded down $0.85 on Friday, hitting $25.43. 107,403,286 shares of the company’s stock traded hands, compared to its average volume of 55,330,040. The stock has a market cap of $269.20 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. Bank of America has a 52-week low of $25.30 and a 52-week high of $33.05.
Bank of America (NYSE:BAC) last released its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.04. The company had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The business’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.48 EPS. As a group, equities analysts predict that Bank of America will post 2.55 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 32.79%.
A number of institutional investors and hedge funds have recently made changes to their positions in BAC. Rehmann Capital Advisory Group increased its position in Bank of America by 2.5% in the third quarter. Rehmann Capital Advisory Group now owns 30,616 shares of the financial services provider’s stock worth $902,000 after buying an additional 759 shares during the period. Martin Investment Management LLC increased its position in Bank of America by 0.4% in the second quarter. Martin Investment Management LLC now owns 453,072 shares of the financial services provider’s stock worth $12,772,000 after buying an additional 1,701 shares during the period. Hartford Financial Management Inc. increased its position in Bank of America by 7.7% in the second quarter. Hartford Financial Management Inc. now owns 23,689 shares of the financial services provider’s stock worth $668,000 after buying an additional 1,703 shares during the period. Reliant Investment Management LLC increased its position in Bank of America by 1.7% in the second quarter. Reliant Investment Management LLC now owns 103,355 shares of the financial services provider’s stock worth $2,914,000 after buying an additional 1,745 shares during the period. Finally, Joel Isaacson & Co. LLC increased its position in Bank of America by 1.8% in the third quarter. Joel Isaacson & Co. LLC now owns 101,328 shares of the financial services provider’s stock worth $2,985,000 after buying an additional 1,779 shares during the period. Hedge funds and other institutional investors own 64.39% of the company’s stock.
About Bank of America
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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