Bank of America Co. (NYSE:BAC) Receives $48.58 Consensus PT from Brokerages

Bank of America Co. (NYSE:BAC) has been assigned an average rating of “Moderate Buy” from the twenty-five analysts that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $48.64.

Several research analysts have commented on BAC shares. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Piper Sandler decreased their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th.

Hedge Funds Weigh In On Bank of America

Institutional investors have recently made changes to their positions in the stock. Collier Financial acquired a new position in shares of Bank of America during the fourth quarter valued at about $25,000. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter valued at about $25,000. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter valued at about $29,000. Finally, Fairway Wealth LLC acquired a new position in shares of Bank of America during the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

NYSE BAC opened at $41.39 on Friday. Bank of America has a 1-year low of $34.15 and a 1-year high of $48.08. The company has a market cap of $314.72 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a 50 day moving average of $45.61 and a 200-day moving average of $43.72.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the business earned $0.70 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. Bank of America’s dividend payout ratio is currently 32.30%.

Bank of America Company Profile

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.