Bank of America (BAC) Rating Reiterated by BMO Capital Markets

Bank of America (NYSE:BAC)‘s stock had its “hold” rating reissued by analysts at BMO Capital Markets in a research report issued on Monday. They presently have a $31.00 price objective on the financial services provider’s stock. BMO Capital Markets’ target price would indicate a potential upside of 2.41% from the company’s previous close.

Several other research firms also recently issued reports on BAC. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Tuesday, January 2nd. Instinet dropped their price target on Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Credit Suisse Group raised Bank of America to an “outperform” rating and lifted their price target for the company from $32.00 to $35.00 in a research note on Thursday, January 4th. Barclays raised their price objective on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Finally, Wells Fargo & Co set a $35.00 price objective on Bank of America and gave the company a “buy” rating in a report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Bank of America has an average rating of “Buy” and a consensus target price of $27.56.

Shares of Bank of America (BAC) opened at $30.27 on Monday. Bank of America has a 12 month low of $22.01 and a 12 month high of $30.54. The stock has a market capitalization of $315,730.00, a PE ratio of 17.60, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 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 business posted $0.41 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. equities research analysts forecast that Bank of America will post 1.79 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

A number of hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC raised its position in shares of Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after buying an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after buying an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after buying an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD raised its position in shares of Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after buying an additional 7,231,615 shares in the last quarter. Hedge funds and other institutional investors own 68.43% of the company’s stock.

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About Bank of America

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.

Analyst Recommendations for Bank of America (NYSE:BAC)

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