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 (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the company posted $0.40 EPS. analysts expect that Bank of America will post 2.45 earnings per share for the current fiscal year.

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.

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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.

Analyst Recommendations for Bank of America (NYSE:BAC)

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