Bank of America (BAC) Price Target Increased to $34.00 by Analysts at BMO Capital Markets
Bank of America (NYSE:BAC) had its target price boosted by BMO Capital Markets to $34.00 in a report released on Thursday. BMO Capital Markets currently has an average rating on the financial services provider’s stock. The analysts noted that the move was a valuation call.
BAC has been the subject of a number of other research reports. BidaskClub raised shares of Bank of America from a buy rating to a strong-buy rating in a research report on Monday, October 23rd. ValuEngine cut shares of Bank of America from a buy rating to a hold rating in a research report on Tuesday, January 16th. Royal Bank of Canada reissued a buy rating and issued a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Barclays raised their price target on shares of Bank of America from $28.00 to $35.00 and gave the company an equal weight rating in a research report on Tuesday, January 2nd. Finally, Societe Generale cut shares of Bank of America from a buy rating to a hold rating in a research report on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $29.87.
Bank of America (NYSE BAC) opened at $31.72 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. The firm has a market cap of $330,860.00, a P/E ratio of 20.60, a P/E/G ratio of 1.62 and a beta of 1.32. Bank of America has a 1 year low of $22.07 and a 1 year high of $31.79.
Bank of America announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.51%. Bank of America’s payout ratio is 31.17%.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Gateway Advisory LLC raised its holdings in shares of Bank of America by 0.4% in the 2nd quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 45 shares in the last quarter. Arbor Investment Advisors LLC raised its holdings in shares of Bank of America by 0.3% in the 2nd quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 46 shares in the last quarter. Lbmc Investment Advisors LLC raised its holdings in shares of Bank of America by 0.3% in the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares in the last quarter. TCI Wealth Advisors Inc. raised its stake in Bank of America by 0.4% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 54 shares in the last quarter. Finally, Altavista Wealth Management Inc. raised its stake in Bank of America by 0.7% during the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after acquiring an additional 68 shares in the last quarter. Institutional investors and hedge funds own 68.47% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This story was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this story on another website, it was copied illegally and reposted in violation of United States and international copyright and trademark law. The correct version of this story can be accessed at https://www.thecerbatgem.com/2018/01/22/bank-of-america-bac-price-target-increased-to-34-00-by-analysts-at-bmo-capital-markets.html.
About Bank of America
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.
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.