Morgan Stanley reaffirmed their buy rating on shares of Bank of America (NYSE:BAC) in a research report released on Monday morning, AnalystRatings.com reports. Morgan Stanley currently has a $38.00 price target on the financial services provider’s stock, up from their previous price target of $35.00.

BAC has been the subject of a number of other research reports. Odeon Capital Group upgraded Bank of America from a hold rating to a buy rating in a research report on Monday, October 28th. Wells Fargo & Co set a $34.00 target price on Bank of America and gave the stock a buy rating in a research report on Tuesday, October 15th. ValuEngine upgraded Bank of America from a sell rating to a hold rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods downgraded Bank of America from an outperform rating to a market perform rating and cut their target price for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. Finally, Societe Generale downgraded Bank of America from a hold rating to a sell rating in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $33.05.

Shares of BAC stock traded down $0.02 during mid-day trading on Monday, reaching $32.94. The stock had a trading volume of 33,172,481 shares, compared to its average volume of 47,971,204. The firm’s 50 day simple moving average is $30.83 and its 200 day simple moving average is $29.18. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.99. Bank of America has a one year low of $22.66 and a one year high of $33.60. The firm has a market cap of $296.30 billion, a PE ratio of 12.62, a P/E/G ratio of 1.27 and a beta of 1.62.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.07. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The company had revenue of $22.96 billion during the quarter, compared to the consensus estimate of $22.73 billion. During the same quarter last year, the company earned $0.66 EPS. The company’s quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts forecast that Bank of America will post 2.89 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.18 dividend. The ex-dividend date is Thursday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.

In other news, Director Frank P. Bramble sold 6,500 shares of Bank of America stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,566,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Of America Corp /De/ Bank bought 5,370 shares of the stock in a transaction dated Monday, August 26th. The stock was purchased at an average cost of $11.83 per share, with a total value of $63,527.10. The disclosure for this purchase can be found here. Insiders sold a total of 51,870 shares of company stock valued at $1,476,104 over the last three months. Insiders own 0.17% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Garrett Wealth Advisory Group LLC bought a new position in shares of Bank of America in the 3rd quarter worth $25,000. Larson Financial Group LLC boosted its position in shares of Bank of America by 195.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 880 shares during the last quarter. Salomon & Ludwin LLC boosted its position in shares of Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 814 shares during the last quarter. Selective Wealth Management Inc. bought a new position in shares of Bank of America in the 3rd quarter worth $43,000. Finally, WealthStone Inc. bought a new position in shares of Bank of America in the 2nd quarter worth $49,000. 70.60% of the stock is owned by institutional investors.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: Trading Penny Stocks

Analyst Recommendations for Bank of America (NYSE:BAC)

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.