Shares of Bank of America Corporation (NYSE:BAC) have received an average rating of “Buy” from the thirty-seven research firms that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $25.18.
Several research firms recently issued reports on BAC. Citigroup Inc. reiterated a “neutral” rating and set a $27.00 target price (up previously from $25.00) on shares of Bank of America Corporation in a research report on Monday, October 9th. Vetr cut Bank of America Corporation from a “hold” rating to a “sell” rating and set a $25.08 target price for the company. in a research report on Wednesday, October 4th. Zacks Investment Research cut Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Credit Suisse Group reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, October 10th. Finally, UBS AG set a $27.00 target price on Bank of America Corporation and gave the stock a “hold” rating in a research report on Monday.
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Bank of America Corporation (NYSE BAC) traded up 1.07% on Friday, reaching $26.48. The company’s stock had a trading volume of 55,375,659 shares. The stock has a market cap of $278.48 billion, a P/E ratio of 15.16 and a beta of 1.25. The stock has a 50-day moving average of $24.73 and a 200-day moving average of $23.94. Bank of America Corporation has a one year low of $15.90 and a one year high of $26.55.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. During the same quarter last year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post $1.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.81%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 27.43%.
Bank of America Corporation announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of BAC. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America Corporation in the 2nd quarter valued at approximately $100,000. Armbruster Capital Management Inc. lifted its stake in shares of Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 423 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of Bank of America Corporation by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America Corporation in the 2nd quarter valued at approximately $115,000. Finally, Tarbox Family Office Inc. lifted its stake in shares of Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 21 shares during the last quarter. 61.61% of the stock is owned by institutional investors and hedge funds.
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.
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