Brokerages Set Bank of America Corp. (NYSE:BAC) Price Target at $28.09
Bank of America Corp. (NYSE:BAC) has received a consensus recommendation of “Buy” from the thirty-two ratings firms that are currently covering the stock. Nine analysts have rated the stock with a hold recommendation, twenty-one have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $27.48.
A number of equities research analysts have recently weighed in on BAC shares. Credit Suisse Group AG restated an “outperform” rating and set a $18.00 price objective on shares of Bank of America Corp. in a research note on Thursday, July 7th. Goldman Sachs Group Inc. restated a “buy” rating and set a $19.00 price objective (up from $17.00) on shares of Bank of America Corp. in a research note on Friday, September 16th. Royal Bank Of Canada restated a “buy” rating on shares of Bank of America Corp. in a research note on Saturday, July 9th. Vetr upgraded Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.56 price objective for the company in a research note on Monday, August 29th. Finally, Sanford C. Bernstein restated a “buy” rating on shares of Bank of America Corp. in a research note on Monday, June 20th.
In related news, Director Thomas D. Woods bought 25,000 shares of Bank of America Corp. stock in a transaction dated Tuesday, August 2nd. The stock was acquired at an average cost of $14.13 per share, with a total value of $353,250.00. Following the completion of the acquisition, the director now directly owns 32,459 shares in the company, valued at approximately $458,645.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.18% of the company’s stock.
Several large investors have recently made changes to their positions in BAC. Macquarie Group Ltd. increased its stake in shares of Bank of America Corp. by 1.5% in the second quarter. Macquarie Group Ltd. now owns 536,836 shares of the financial services provider’s stock valued at $7,123,000 after buying an additional 7,700 shares in the last quarter. Williams Jones & Associates LLC increased its stake in shares of Bank of America Corp. by 13.7% in the second quarter. Williams Jones & Associates LLC now owns 137,788 shares of the financial services provider’s stock valued at $1,828,000 after buying an additional 16,629 shares in the last quarter. Springowl Associates LLC bought a new stake in shares of Bank of America Corp. during the second quarter valued at approximately $929,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Bank of America Corp. during the second quarter valued at approximately $5,504,000. Finally, Kentucky Retirement Systems bought a new stake in shares of Bank of America Corp. during the second quarter valued at approximately $11,591,000. 60.68% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America Corp. (NYSE:BAC) opened at 15.38 on Monday. Bank of America Corp. has a 1-year low of $10.99 and a 1-year high of $18.09. The stock has a market capitalization of $161.74 billion, a price-to-earnings ratio of 12.89 and a beta of 1.67. The company’s 50 day moving average is $15.51 and its 200-day moving average is $14.37.
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 for the quarter, beating the Zacks’ consensus estimate 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 business earned $20.60 million during the quarter, compared to the consensus estimate of $20.41 billion. During the same period in the previous year, the business earned $0.45 EPS. The business’s quarterly revenue was down 7.2% on a year-over-year basis. Equities analysts anticipate that Bank of America Corp. will post $1.27 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.95%. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Wednesday, August 31st. Bank of America Corp.’s dividend 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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