Bank of America Corp. (NYSE:BAC)‘s stock had its “overweight” rating reiterated by equities research analysts at Morgan Stanley in a report released on Tuesday. They presently have a $17.00 price target on the financial services provider’s stock. Morgan Stanley’s price objective points to a potential upside of 10.53% from the stock’s previous close.
Other equities research analysts have also issued reports about the stock. Vetr lowered shares of Bank of America Corp. from a “strong-buy” rating to a “buy” rating and set a $14.20 price objective for the company. in a report on Tuesday, June 28th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Bank of America Corp. in a report on Wednesday, June 15th. Sanford C. Bernstein reaffirmed a “buy” rating on shares of Bank of America Corp. in a report on Monday, June 20th. Buckingham Research reaffirmed a “buy” rating on shares of Bank of America Corp. in a report on Tuesday, June 21st. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of Bank of America Corp. in a report on Wednesday, June 29th. Nine research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $24.82.
Bank of America Corp. (NYSE:BAC) opened at 15.38 on Tuesday. Bank of America Corp. has a 52 week low of $10.99 and a 52 week high of $18.09. The company has a 50 day moving average of $15.51 and a 200 day moving average of $14.37. The stock has a market capitalization of $161.74 billion, a P/E ratio of 12.89 and a beta of 1.67.
Bank of America Corp. (NYSE:BAC) last announced its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Bank of America Corp. had a net margin of 16.31% and a return on equity of 6.23%. The business earned $20.60 million during the quarter, compared to analyst estimates of $20.41 billion. During the same period last year, the firm posted $0.45 EPS. The company’s revenue was down 7.2% on a year-over-year basis. Equities analysts expect that Bank of America Corp. will post $1.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.30 annualized dividend and a dividend yield of 1.95%. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05. Bank of America Corp.’s dividend payout ratio (DPR) is currently 24.59%.
In other news, Director Thomas D. Woods purchased 25,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were purchased at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the completion of the purchase, the director now owns 32,459 shares in the company, valued at approximately $458,645.67. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.18% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Hall Laurie J Trustee raised its position in Bank of America Corp. by 28.3% in the second quarter. Hall Laurie J Trustee now owns 7,732 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,707 shares during the period. Seven Eight Capital LLC bought a new position in Bank of America Corp. during the second quarter valued at about $113,000. Acrospire Investment Management LLC bought a new position in Bank of America Corp. during the first quarter valued at about $119,000. Orbitronix LP bought a new position in Bank of America Corp. during the first quarter valued at about $135,000. Finally, Joel Isaacson & Co. LLC raised its position in Bank of America Corp. by 7.6% in the second quarter. Joel Isaacson & Co. LLC now owns 10,317 shares of the financial services provider’s stock valued at $137,000 after buying an additional 731 shares during the period. Institutional investors own 60.68% of the company’s stock.
Bank of America Corp. Company Profile
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
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