ValuEngine cut shares of Bank of America (NYSE:BAC) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
A number of other equities research analysts also recently weighed in on the company. Vetr downgraded Bank of America from a strong-buy rating to a buy rating and set a $33.89 target price for the company. in a research report on Wednesday, January 10th. Societe Generale downgraded Bank of America from a buy rating to a hold rating in a research report on Tuesday, January 9th. BMO Capital Markets restated a hold rating and set a $31.00 target price on shares of Bank of America in a research report on Monday, January 8th. Credit Suisse Group upgraded Bank of America to an outperform rating and boosted their target price for the stock from $32.00 to $35.00 in a research report on Thursday, January 4th. Finally, Instinet dropped their target price on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the company. The company presently has an average rating of Buy and an average price target of $29.87.
Bank of America (NYSE:BAC) traded up $0.24 during mid-day trading on Tuesday, hitting $31.72. The stock had a trading volume of 66,384,480 shares, compared to its average volume of 68,870,000. The company has a market capitalization of $330,860.00, a P/E ratio of 20.60, a P/E/G ratio of 1.64 and a beta of 1.32. Bank of America has a 12 month low of $22.07 and a 12 month high of $31.79. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.40 earnings per share. analysts predict that Bank of America will post 2.39 EPS for the current year.
Bank of America announced that its Board of Directors has approved a share repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.51%. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.
Institutional investors have recently made changes to their positions in the stock. 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 valued at $329,911,000 after acquiring an additional 11,619,173 shares during the period. 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 valued at $1,070,762,000 after acquiring an additional 9,612,342 shares during the period. 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 valued at $16,047,853,000 after acquiring an additional 9,117,007 shares during the period. 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 valued at $582,536,000 after acquiring an additional 8,261,288 shares during the period. 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 valued at $431,157,000 after acquiring an additional 7,231,615 shares during the period. 68.46% 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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