Bank of America Co. (NYSE:BAC) Receives Average Recommendation of “Buy” from Analysts

Bank of America Co. (NYSE:BAC) has earned an average recommendation of “Buy” from the twenty-four brokerages that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $44.04.

A number of brokerages have issued reports on BAC. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, October 15th. Robert W. Baird downgraded shares of Bank of America from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $47.17 to $42.00 in a research report on Monday, November 1st. They noted that the move was a valuation call. Morgan Stanley upped their target price on shares of Bank of America from $38.00 to $42.00 and gave the stock an “underweight” rating in a research report on Thursday, July 29th. Royal Bank of Canada upped their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, October 15th. Finally, Oppenheimer upped their target price on shares of Bank of America from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, October 15th.

In other news, insider Dean C. Athanasia sold 108,478 shares of the stock in a transaction that occurred on Friday, October 15th. The shares were sold at an average price of $45.77, for a total value of $4,965,038.06. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frank P. Bramble sold 2,200 shares of the stock in a transaction that occurred on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total transaction of $106,084.00. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Newton One Investments LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $29,000. Cowen Prime Advisors LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $31,000. PrairieView Partners LLC raised its stake in Bank of America by 162.5% during the 3rd quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 450 shares during the period. Core Alternative Capital bought a new stake in Bank of America during the 3rd quarter worth approximately $34,000. Finally, Elmwood Wealth Management Inc. raised its stake in Bank of America by 138.9% during the 2nd quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 500 shares during the period. Institutional investors own 70.67% of the company’s stock.

Bank of America stock traded up $0.13 during mid-day trading on Thursday, reaching $47.63. 40,059,953 shares of the company traded hands, compared to its average volume of 48,298,340. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.74 and a quick ratio of 0.73. The firm’s 50 day moving average price is $45.21 and its 200 day moving average price is $42.33. The firm has a market capitalization of $389.81 billion, a price-to-earnings ratio of 14.30, a P/E/G ratio of 1.86 and a beta of 1.53. Bank of America has a 52-week low of $28.10 and a 52-week high of $48.69.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, October 14th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.14. The business had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $21.60 billion. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 EPS. On average, sell-side analysts anticipate that Bank of America will post 3.49 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Shareholders of record on Friday, December 3rd will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.76%. The ex-dividend date is Thursday, December 2nd. Bank of America’s dividend payout ratio is currently 25.23%.

About Bank of America

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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