Wells Fargo & Co set a $34.00 price target on Bank of America (NYSE:BAC) in a research report report published on Tuesday, TipRanks reports. The firm currently has a buy rating on the financial services provider’s stock.
A number of other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Bank of America from a hold rating to a sell rating and set a $32.00 target price on the stock. in a research note on Wednesday, July 10th. DZ Bank upgraded shares of Bank of America from a sell rating to a hold rating in a research note on Friday, August 16th. Keefe, Bruyette & Woods cut shares of Bank of America from an outperform rating to a market perform rating and lowered their target price for the company from $36.00 to $29.00 in a research note on Thursday, September 5th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $31.00 to $30.00 and set an overweight rating on the stock in a research note on Thursday, October 10th. Finally, Morgan Stanley lowered their target price on shares of Bank of America from $33.00 to $31.00 and set an overweight rating on the stock in a research note on Friday, October 4th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $32.32.
Shares of BAC traded down $0.10 during trading hours on Tuesday, reaching $30.07. 33,904,369 shares of the stock traded hands, compared to its average volume of 54,640,844. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America has a 52-week low of $22.66 and a 52-week high of $31.17. The company’s 50-day moving average price is $28.71 and its two-hundred day moving average price is $28.78. The company has a market cap of $279.90 billion, a P/E ratio of 11.52, a price-to-earnings-growth ratio of 1.15 and a beta of 1.60.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The company had revenue of $22.96 billion for the quarter, compared to analysts’ expectations of $22.73 billion. During the same quarter in the previous year, the company earned $0.66 EPS. Bank of America’s revenue for the quarter was up .3% on a year-over-year basis. On average, research analysts forecast that Bank of America will post 2.82 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a $0.18 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend was Thursday, September 5th. Bank of America’s payout ratio is currently 27.59%.
Bank of America announced that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.17% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Daily Journal Corp boosted its position in Bank of America by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after buying an additional 227,700,000 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Bank of America by 35.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock worth $2,165,116,000 after purchasing an additional 19,688,816 shares during the period. Nuveen Asset Management LLC lifted its position in shares of Bank of America by 1,905.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock worth $1,741,604,000 after purchasing an additional 57,060,331 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Bank of America by 2.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 40,115,997 shares of the financial services provider’s stock worth $1,163,364,000 after purchasing an additional 773,712 shares during the period. Finally, Primecap Management Co. CA lifted its position in shares of Bank of America by 1.6% in the 2nd quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock worth $1,055,666,000 after purchasing an additional 573,200 shares during the period. Hedge funds and other institutional investors own 68.52% of the company’s stock.
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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