Wells Fargo & Company Analysts Give Bank of America (BAC) a $35.00 Price Target

Wells Fargo & Company set a $35.00 price target on Bank of America (NYSE:BAC) in a report released on Wednesday. The firm currently has a buy rating on the financial services provider’s stock.

BAC has been the topic of a number of other reports. Royal Bank of Canada reaffirmed a buy rating and set a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. Vetr raised Bank of America from a buy rating to a strong-buy rating and set a $26.59 target price on the stock in a research report on Wednesday, August 30th. Credit Suisse Group reaffirmed an outperform rating on shares of Bank of America in a research report on Tuesday, October 10th. Zacks Investment Research lowered Bank of America from a hold rating to a sell rating in a research report on Tuesday, October 10th. Finally, Citigroup reaffirmed a neutral rating and set a $27.00 target price (up from $25.00) on shares of Bank of America in a research report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $26.72.

Bank of America (BAC) opened at $29.88 on Wednesday. The company has a market capitalization of $311,040.00, a PE ratio of 17.37, a price-to-earnings-growth ratio of 2.05 and a beta of 1.31. Bank of America has a one year low of $21.77 and a one year high of $30.03. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. sell-side analysts expect that Bank of America will post 1.8 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is currently 27.91%.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

A number of institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC boosted its position in shares of Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after buying an additional 11,619,173 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after buying an additional 9,612,342 shares during the period. Vanguard Group Inc. boosted its position in shares of Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares during the period. Parametric Portfolio Associates LLC boosted its position in shares of Bank of America by 52.4% during the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after buying an additional 8,261,288 shares during the period. Finally, Investec Asset Management LTD boosted its position in shares of Bank of America by 68.6% during the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after buying an additional 7,231,615 shares during the period. 68.42% of the stock is owned by hedge funds and other institutional investors.

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Bank of America 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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