BMO Capital Markets reiterated their hold rating on shares of Bank of America (NYSE:BAC) in a research report released on Monday morning. The firm currently has a $31.00 price objective on the financial services provider’s stock.
Several other brokerages have also weighed in on BAC. Zacks Investment Research upgraded 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. Instinet cut their price objective on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. Credit Suisse Group raised Bank of America to an outperform rating and upped their target price for the company from $32.00 to $35.00 in a report on Thursday, January 4th. Barclays upped their target price on Bank of America from $28.00 to $35.00 and gave the company an equal weight rating in a report on Tuesday, January 2nd. Finally, Wells Fargo & Co set a $35.00 target price on Bank of America and gave the company a buy rating in a report on Wednesday, December 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $29.14.
Shares of Bank of America (NYSE:BAC) traded up $0.53 during trading on Monday, hitting $31.19. The stock had a trading volume of 66,371,596 shares, compared to its average volume of 73,990,000. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market capitalization of $325,330.00, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. Bank of America has a twelve month low of $22.01 and a twelve month high of $31.20.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. equities research analysts expect that Bank of America will post 1.79 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.54%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio is currently 27.91%.
Bank of America announced that its Board of Directors has initiated a stock repurchase program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
A number of institutional investors have recently made changes to their positions in the stock. CMH Wealth Management LLC purchased a new stake in Bank of America in the 4th quarter worth about $1,898,000. Sheets Smith Wealth Management lifted its stake in Bank of America by 28.0% in the 4th quarter. Sheets Smith Wealth Management now owns 65,097 shares of the financial services provider’s stock worth $1,922,000 after acquiring an additional 14,225 shares in the last quarter. Trellis Advisors LLC purchased a new stake in Bank of America in the 4th quarter worth about $239,000. Bremer Trust National Association lifted its stake in Bank of America by 7.6% in the 4th quarter. Bremer Trust National Association now owns 51,694 shares of the financial services provider’s stock worth $1,526,000 after acquiring an additional 3,636 shares in the last quarter. Finally, First Command Financial Services Inc. lifted its stake in Bank of America by 10.0% in the 4th quarter. First Command Financial Services Inc. now owns 19,963 shares of the financial services provider’s stock worth $589,000 after acquiring an additional 1,807 shares in the last quarter. 68.43% of the stock is owned by hedge funds and other institutional investors.
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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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