Robert W. Baird reissued their hold rating on shares of Bank of America Corporation (NYSE:BAC) in a research report report published on Sunday. Robert W. Baird currently has a $24.00 target price on the financial services provider’s stock.

A number of other equities analysts also recently weighed in on BAC. Credit Suisse Group reaffirmed a buy rating on shares of Bank of America Corporation in a research note on Sunday, June 4th. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $27.00 price target on shares of Bank of America Corporation in a research note on Wednesday, June 7th. Vetr downgraded shares of Bank of America Corporation from a buy rating to a hold rating and set a $24.20 price target on the stock. in a research note on Monday, June 12th. Deutsche Bank AG reaffirmed a hold rating on shares of Bank of America Corporation in a research note on Monday, July 3rd. Finally, BidaskClub raised shares of Bank of America Corporation from a hold rating to a buy rating in a research note on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $24.80.

Shares of Bank of America Corporation (NYSE BAC) opened at 25.71 on Friday. The company has a 50-day moving average of $24.28 and a 200 day moving average of $23.80. Bank of America Corporation has a 12-month low of $15.60 and a 12-month high of $25.95. The firm has a market cap of $270.38 billion, a P/E ratio of 15.31 and a beta of 1.25.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results 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. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. Bank of America Corporation’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

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

The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 1.87%. Bank of America Corporation’s payout ratio is 28.57%.

In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value 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 approximately $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.18% of the company’s stock.

Large investors have recently modified their holdings of the stock. M Holdings Securities Inc. lifted its position in Bank of America Corporation by 72.9% in the 1st quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock valued at $2,242,000 after purchasing an additional 40,069 shares during the last quarter. Waldron LP lifted its position in Bank of America Corporation by 112.2% in the 1st quarter. Waldron LP now owns 24,550 shares of the financial services provider’s stock valued at $578,000 after purchasing an additional 12,978 shares during the last quarter. AQR Capital Management LLC lifted its position in Bank of America Corporation by 21.3% in the 1st quarter. AQR Capital Management LLC now owns 8,462,687 shares of the financial services provider’s stock valued at $199,635,000 after purchasing an additional 1,483,772 shares during the last quarter. First National Trust Co. lifted its position in Bank of America Corporation by 48.2% in the 1st quarter. First National Trust Co. now owns 106,178 shares of the financial services provider’s stock valued at $2,505,000 after purchasing an additional 34,555 shares during the last quarter. Finally, Trust Co lifted its position in Bank of America Corporation by 7.4% in the 1st quarter. Trust Co now owns 152,988 shares of the financial services provider’s stock valued at $3,609,000 after purchasing an additional 10,485 shares during the last quarter. Hedge funds and other institutional investors own 61.64% of the company’s stock.

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.

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

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