Shares of Bank of America Co. (NYSE:BAC) have been assigned a consensus rating of “Moderate Buy” from the fifteen brokerages that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $35.53.
A number of equities research analysts have weighed in on BAC shares. Oppenheimer lifted their price target on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. BMO Capital Markets reduced their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. The Goldman Sachs Group boosted their target price on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, December 1st. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research note on Tuesday, January 16th. Finally, Barclays boosted their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd.
Read Our Latest Report on Bank of America
Insiders Place Their Bets
In other news, major shareholder Of America Corp /De/ Bank acquired 5,398 shares of the company’s stock in a transaction on Wednesday, December 27th. The stock was purchased at an average cost of $10.56 per share, with a total value of $57,002.88. Following the acquisition, the insider now owns 5,398 shares of the company’s stock, valued at approximately $57,002.88. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.27% of the company’s stock.
Institutional Trading of Bank of America
A number of institutional investors and hedge funds have recently modified their holdings of BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at about $25,000. Quarry LP bought a new stake in shares of Bank of America in the 4th quarter valued at about $25,000. Glass Jacobson Investment Advisors llc increased its stake in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. Castleview Partners LLC acquired a new position in shares of Bank of America in the 1st quarter valued at approximately $28,000. Finally, Criterion Capital Advisors LLC acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $32,000. 68.06% of the stock is owned by institutional investors.
Bank of America Stock Down 0.8 %
BAC opened at $35.41 on Friday. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $36.44. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The firm’s fifty day moving average price is $33.84 and its two-hundred day moving average price is $30.85. The company has a market capitalization of $279.41 billion, a P/E ratio of 11.53, a P/E/G ratio of 1.64 and a beta of 1.38.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter in the previous year, the company earned $0.85 earnings per share. The business’s revenue was down 10.2% compared to the same quarter last year. On average, analysts anticipate that Bank of America will post 3.15 EPS for the current year.
Bank of America Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.71%. Bank of America’s dividend payout ratio is currently 31.27%.
About Bank of America
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
Featured Articles
Receive News & Ratings for Bank of America Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Bank of America and related companies with MarketBeat.com’s FREE daily email newsletter.
Source: defenseworld.net
