JPMorgan Chase & Co. Trims Bank of America (NYSE:BAC) Target Price to $29.50

Bank of America (NYSE:BAC) had its price objective cut by JPMorgan Chase & Co. from $30.50 to $29.50 in a research note published on Tuesday, 24/7 WallStreet reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other analysts have also recently issued reports on the company. Jefferies Financial Group set a $158.00 price objective on HCA Healthcare and gave the company a buy rating in a research report on Wednesday, April 17th. ValuEngine cut Zumiez from a hold rating to a sell rating in a research report on Monday, May 13th. HSBC restated a hold rating on shares of Societe Generale in a research report on Thursday, April 4th. Atlantic Securities cut Bank of America from an overweight rating to a neutral rating and set a $30.81 price objective on the stock. in a research report on Tuesday, April 30th. Finally, Oppenheimer set a $15.00 price objective on Strongbridge Biopharma and gave the company a buy rating in a research report on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $32.52.

BAC opened at $29.45 on Tuesday. The company has a market capitalization of $279.16 billion, a PE ratio of 11.28, a PEG ratio of 1.16 and a beta of 1.53. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America has a 1 year low of $22.66 and a 1 year high of $31.91. The company’s 50 day moving average price is $28.28.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The business had revenue of $23 billion for the quarter, compared to analysts’ expectations of $23.24 billion. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. Bank of America’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.62 earnings per share. Analysts anticipate that Bank of America will post 2.81 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Thursday, June 6th. Bank of America’s dividend payout ratio (DPR) is 22.99%.

Bank of America declared that its board has approved a share repurchase program on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

In other Bank of America news, insider Dean C. Athanasia sold 129,615 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the transaction, the insider now owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.17% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. Squar Milner Financial Services LLC lifted its stake in shares of Bank of America by 1.3% during the first quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock valued at $737,000 after acquiring an additional 348 shares during the period. Abbot Financial Management Inc. lifted its stake in shares of Bank of America by 0.3% during the fourth quarter. Abbot Financial Management Inc. now owns 126,174 shares of the financial services provider’s stock valued at $3,109,000 after acquiring an additional 356 shares during the period. Barber Financial Group Inc. lifted its stake in shares of Bank of America by 2.1% during the first quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock valued at $473,000 after acquiring an additional 360 shares during the period. Rowland & Co. Investment Counsel ADV lifted its stake in shares of Bank of America by 9.7% during the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 360 shares during the period. Finally, Cahill Financial Advisors Inc. lifted its stake in shares of Bank of America by 4.1% during the fourth quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock valued at $232,000 after acquiring an additional 369 shares during the period. 68.19% of the stock is currently owned by institutional investors.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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