Bank of America (NYSE:BAC) had its price target upped by Credit Suisse Group from $35.00 to $36.00 in a research report report published on Friday, Marketbeat Ratings reports. They currently have an outperform rating on the financial services provider’s stock.
Several other equities analysts have also issued reports on BAC. Vetr lowered Bank of America from a buy rating to a hold rating and set a $34.13 target price on the stock. in a research note on Monday, March 12th. Societe Generale downgraded Bank of America from a buy rating to a hold rating in a report on Tuesday, January 9th. ValuEngine raised Bank of America from a hold rating to a buy rating in a report on Friday, February 2nd. Vining Sparks reissued a buy rating and issued a $34.00 price target on shares of Bank of America in a report on Wednesday, January 17th. Finally, Morgan Stanley raised their price target on Bank of America from $35.00 to $37.00 and gave the stock an overweight rating in a report on Friday, February 2nd. Ten analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Bank of America currently has an average rating of Buy and an average price target of $30.89.
Bank of America stock opened at $32.17 on Friday. Bank of America has a 52 week low of $22.07 and a 52 week high of $33.05. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $329,539.50, a PE ratio of 20.75, a price-to-earnings-growth ratio of 1.63 and a beta of 1.36.
Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. equities research analysts expect that Bank of America will post 2.46 EPS for the current fiscal year.
Bank of America announced that its board has approved a share buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is 30.97%.
Several institutional investors have recently added to or reduced their stakes in the stock. TCI Wealth Advisors Inc. lifted its holdings in Bank of America by 0.4% in the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 54 shares during the period. Altavista Wealth Management Inc. lifted its holdings in Bank of America by 0.7% in the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after acquiring an additional 68 shares during the period. Carnegie Capital Asset Management LLC lifted its holdings in Bank of America by 0.4% in the second quarter. Carnegie Capital Asset Management LLC now owns 26,356 shares of the financial services provider’s stock valued at $648,000 after acquiring an additional 104 shares during the period. GSB Wealth Management LLC lifted its holdings in Bank of America by 0.3% in the second quarter. GSB Wealth Management LLC now owns 32,934 shares of the financial services provider’s stock valued at $799,000 after acquiring an additional 105 shares during the period. Finally, Wharton Business Group LLC lifted its holdings in Bank of America by 1.5% in the second quarter. Wharton Business Group LLC now owns 10,010 shares of the financial services provider’s stock valued at $243,000 after acquiring an additional 150 shares during the period. 69.92% 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 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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