Bank of America Corporation (NYSE:BAC)‘s stock had its “hold” rating reaffirmed by investment analysts at Robert W. Baird in a report released on Friday. They currently have a $24.00 target price on the financial services provider’s stock. Robert W. Baird’s price target indicates a potential upside of 0.97% from the company’s current price.

BAC has been the subject of several other research reports. Vetr upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price target for the company in a research note on Thursday, June 15th. Instinet restated a “buy” rating and issued a $27.00 price target on shares of Bank of America Corporation in a research note on Saturday, July 22nd. Wells Fargo & Company began coverage on shares of Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price target for the company. Buckingham Research restated a “buy” rating and issued a $30.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a research note on Monday, July 10th. Finally, BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the stock. Bank of America Corporation has a consensus rating of “Buy” and an average price target of $24.26.

Shares of Bank of America Corporation (NYSE:BAC) traded down 0.5229% during midday trading on Friday, hitting $23.6457. The stock had a trading volume of 22,700,878 shares. The company has a market cap of $248.67 billion, a PE ratio of 14.0832 and a beta of 1.27. Bank of America Corporation has a 52-week low of $14.81 and a 52-week high of $25.80. The company’s 50 day moving average is $24.22 and its 200 day moving average is $23.84.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.41 earnings per share. On average, analysts anticipate that Bank of America Corporation will post $1.81 earnings per share for the current year.

Bank of America Corporation declared that its board has initiated a stock repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

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In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.18% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of BAC. Vanguard Group Inc. boosted its position in Bank of America Corporation by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares in the last quarter. Korea Investment CORP boosted its position in Bank of America Corporation by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after buying an additional 390,771 shares in the last quarter. Boston Partners boosted its position in Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after buying an additional 368,898 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in Bank of America Corporation by 1.7% in the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after buying an additional 1,079,788 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Bank of America Corporation by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after buying an additional 1,007,405 shares in the last quarter. 66.04% of the stock is owned by hedge funds and other institutional investors.

About Bank of America Corporation

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.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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