Bank of America (NYSE:BAC)‘s stock had its “buy” rating reissued by analysts at Royal Bank Of Canada in a research report issued to clients and investors on Friday. They currently have a $30.00 price objective on the financial services provider’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 3.27% from the company’s previous close.
A number of other equities research analysts also recently commented on the company. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 target price (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. BidaskClub cut Bank of America from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 9th. Vetr raised Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price objective on the stock in a research note on Tuesday, November 7th. J P Morgan Chase & Co boosted their price objective on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Finally, UBS set a $27.00 price objective on Bank of America and gave the stock a “hold” rating in a research note on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the company’s stock. Bank of America has an average rating of “Buy” and a consensus price target of $26.32.
Shares of Bank of America (NYSE BAC) opened at $29.05 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market capitalization of $303,009.22, a PE ratio of 16.60, a P/E/G ratio of 2.01 and a beta of 1.31. Bank of America has a 52-week low of $21.77 and a 52-week high of $29.31.
Bank of America (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 earnings per share. analysts anticipate that Bank of America will post 1.81 EPS for the current fiscal year.
Bank of America declared that its board has approved a share repurchase plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Janus Henderson Group PLC grew its stake in Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after purchasing an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. grew its stake in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after purchasing an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD grew its stake in Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after purchasing an additional 7,231,615 shares in the last quarter. 68.28% of the stock is currently owned by hedge funds and other institutional investors.
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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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