Bank of America (BAC) Reaches New 12-Month High at $30.67

Shares of Bank of America Corp (NYSE:BAC) reached a new 52-week high on Wednesday . The company traded as high as $30.67 and last traded at $30.71, with a volume of 33348728 shares traded. The stock had previously closed at $30.27.

A number of analysts have recently weighed in on the stock. Societe Generale downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday. Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target for the company. in a research report on Wednesday. BMO Capital Markets reissued a “hold” rating and set a $31.00 price target on shares of Bank of America in a research report on Monday. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Tuesday, January 2nd. Finally, Instinet decreased their price target on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $29.14.

The firm has a market capitalization of $319,800.00, a price-to-earnings ratio of 17.83, a P/E/G 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 data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.41 earnings per share. analysts anticipate that Bank of America Corp will post 1.79 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s payout ratio is 27.91%.

Bank of America announced that its board has initiated a share repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

A number of hedge funds have recently bought and sold shares of BAC. Janus Henderson Group PLC lifted its stake in 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 during the last quarter. The Manufacturers Life Insurance Company lifted its stake in 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 during the last quarter. Vanguard Group Inc. lifted its stake in 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 during the last quarter. Parametric Portfolio Associates LLC lifted its stake in 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 during the last quarter. Finally, Investec Asset Management LTD lifted its stake in 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 during the last quarter. Institutional investors own 68.43% of the company’s stock.

WARNING: “Bank of America (BAC) Reaches New 12-Month High at $30.67” was published by Community Financial News and is the sole property of of Community Financial News. If you are reading this piece on another website, it was illegally stolen and reposted in violation of United States and international copyright laws. The original version of this piece can be accessed at https://www.com-unik.info/2018/01/12/bank-of-america-bac-reaches-new-12-month-high-at-30-67.html.

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.

What are top analysts saying about Bank of America? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Bank of America and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit