Bank of America Corp. (NYSE:BAC) has earned a consensus rating of “Buy” from the thirty-two ratings firms that are currently covering the company. Nine investment analysts have rated the stock with a hold recommendation and twenty-two have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $28.09.
A number of equities analysts have recently commented on BAC shares. Credit Agricole SA raised their price objective on Bank of America Corp. from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday. Goldman Sachs Group Inc. restated a “buy” rating and issued a $19.00 price objective (up from $17.00) on shares of Bank of America Corp. in a report on Friday, September 16th. Vetr upgraded Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.38 price objective on the stock in a report on Wednesday, September 14th. Societe Generale downgraded Bank of America Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, September 13th. Finally, S&P Equity Research restated a “buy” rating and issued a $18.00 price objective on shares of Bank of America Corp. in a report on Wednesday, August 31st.
In related news, Director Thomas D. Woods acquired 25,000 shares of Bank of America Corp. stock in a transaction that occurred on Tuesday, August 2nd. The stock was acquired at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the transaction, the director now directly owns 32,459 shares of the company’s stock, valued at approximately $458,645.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.18% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAC. 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 worth $102,000 after buying an additional 1,707 shares in the last quarter. Seven Eight Capital LLC bought a new position in Bank of America Corp. during the second quarter worth about $113,000. Acrospire Investment Management LLC bought a new position in Bank of America Corp. during the first quarter worth about $119,000. Orbitronix LP bought a new position in Bank of America Corp. during the first quarter worth 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 worth $137,000 after buying an additional 731 shares in the last quarter. Institutional investors and hedge funds own 60.68% of the company’s stock.
Shares of Bank of America Corp. (NYSE:BAC) traded down 3.061% during trading on Monday, reaching $15.045. The company had a trading volume of 63,609,712 shares. The firm has a 50-day moving average price of $15.50 and a 200-day moving average price of $14.33. The company has a market capitalization of $158.22 billion, a P/E ratio of 12.611 and a beta of 1.67. Bank of America Corp. has a 52-week low of $10.99 and a 52-week high of $18.09.
Bank of America Corp. (NYSE:BAC) last issued its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. The firm had revenue of $20.60 million for the quarter, compared to analyst estimates of $20.41 billion. During the same period last year, the company earned $0.45 EPS. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. On average, analysts predict that Bank of America Corp. will post $1.27 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Investors of record on Friday, September 2nd were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a yield of 1.93%. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05. Bank of America Corp.’s payout ratio is currently 24.59%.
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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