Bank of America (BAC) Lowered to “Hold” at Societe Generale

Bank of America (NYSE:BAC) was downgraded by investment analysts at Societe Generale from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, The Fly reports.

Several other equities research analysts have also commented on BAC. BMO Capital Markets restated a “hold” rating and issued a $31.00 price objective on shares of Bank of America in a research note on Monday. Credit Suisse Group upgraded Bank of America to an “outperform” rating and upped their price objective for the stock from $32.00 to $35.00 in a research note on Thursday, January 4th. Instinet reduced their price objective on Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Tuesday, January 2nd. Finally, Barclays upped their price objective on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have assigned a buy rating and three have given a strong buy rating to the company. Bank of America presently has an average rating of “Buy” and an average price target of $27.56.

Shares of Bank of America (NYSE:BAC) traded up $0.15 on Tuesday, reaching $30.27. 58,644,317 shares of the company’s stock were exchanged, compared to its average volume of 58,168,219. The stock has a market cap of $315,730.00, a price-to-earnings ratio of 17.60, a PEG ratio of 1.71 and a beta of 1.32. 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 has a 1-year low of $22.01 and a 1-year high of $30.44.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 EPS. research analysts expect that Bank of America will post 1.79 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $100,000. Chicago Partners Investment Group LLC boosted its holdings in shares of Bank of America by 11.0% during 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. Burt Wealth Advisors boosted its holdings in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 4,294 shares during the last quarter. MPS Loria Financial Planners LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $115,000. Finally, Legacy Advisors LLC bought a new position in shares of Bank of America during the 3rd quarter valued at about $115,000. 68.43% of the stock is owned by institutional investors and hedge funds.

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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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