Bank of America Corporation (BAC) Lifted to “Strong-Buy” at Vetr Inc.
Vetr upgraded shares of Bank of America Corporation (NYSE:BAC) from a buy rating to a strong-buy rating in a research note released on Wednesday. Vetr currently has $26.59 price target on the financial services provider’s stock.
A number of other analysts have also weighed in on the stock. Deutsche Bank AG reaffirmed a hold rating on shares of Bank of America Corporation in a research note on Monday, July 3rd. CIBC reaffirmed an outperform rating on shares of Bank of America Corporation in a research note on Tuesday, July 11th. BidaskClub raised shares of Bank of America Corporation from a hold rating to a buy rating in a research note on Friday, July 7th. Instinet reaffirmed a buy rating and issued a $27.00 price objective on shares of Bank of America Corporation in a research note on Saturday, July 22nd. Finally, UBS AG reaffirmed a neutral rating and issued a $26.00 price objective on shares of Bank of America Corporation in a research note on Friday, July 21st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have given a buy rating and three have assigned a strong buy rating to the company. Bank of America Corporation currently has an average rating of Buy and a consensus price target of $24.47.
Bank of America Corporation (NYSE:BAC) opened at 22.89 on Wednesday. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80. The company’s 50-day moving average is $24.01 and its 200-day moving average is $23.83. The stock has a market capitalization of $240.72 billion, a PE ratio of 13.63 and a beta of 1.26. Bank of America Corporation also saw unusually large options trading activity on Thursday. Stock traders acquired 129,205 put options on the company. This is an increase of 217% compared to the average daily volume of 40,793 put options.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The company had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same period in the prior year, the firm earned $0.41 earnings per share. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corporation will post $1.81 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.10%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
Bank of America Corporation announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in Bank of America Corporation in the 2nd quarter valued at $100,000. Armbruster Capital Management Inc. grew its stake in Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 423 shares during the period. Chicago Partners Investment Group LLC grew its stake in Bank of America Corporation by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 450 shares during the period. Tarbox Family Office Inc. grew its stake in Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 21 shares during the period. Finally, Pinnacle Bank acquired a new stake in Bank of America Corporation in the 1st quarter valued at $122,000. 66.04% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Corporation Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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