Bank of America Corp. (NYSE:BAC) Given Average Recommendation of “Buy” by Brokerages
Shares of Bank of America Corp. (NYSE:BAC) have received a consensus recommendation of “Buy” from the thirty-two analysts that are currently covering the stock. Nine equities research analysts have rated the stock with a hold recommendation, twenty-one have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $27.48.
Several research firms have recently issued reports on BAC. Deutsche Bank AG reiterated a “buy” rating on shares of Bank of America Corp. in a report on Saturday, June 4th. Wells Fargo & Co. reiterated a “buy” rating on shares of Bank of America Corp. in a report on Saturday, July 9th. Royal Bank Of Canada restated a “buy” rating on shares of Bank of America Corp. in a report on Saturday, July 9th. Jefferies Group restated a “buy” rating on shares of Bank of America Corp. in a report on Sunday, July 10th. Finally, Vetr cut shares of Bank of America Corp. from a “strong-buy” rating to a “buy” rating and set a $14.20 target price for the company. in a report on Tuesday, June 28th.
Shares of Bank of America Corp. (NYSE:BAC) opened at 15.65 on Monday. The firm has a market capitalization of $164.58 billion, a PE ratio of 13.12 and a beta of 1.67. The stock has a 50 day moving average price of $15.54 and a 200 day moving average price of $14.39. Bank of America Corp. has a 52 week low of $10.99 and a 52 week high of $18.09.
Bank of America Corp. (NYSE:BAC) last posted its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. The business earned $20.60 million during the quarter, compared to analysts’ expectations of $20.41 billion. Bank of America Corp. had a net margin of 16.31% and a return on equity of 6.23%. The business’s revenue was down 7.2% on a year-over-year basis. During the same period last year, the firm posted $0.45 earnings per share. Equities analysts forecast that Bank of America Corp. will post $1.26 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.92%. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Wednesday, August 31st. Bank of America Corp.’s dividend payout ratio (DPR) is presently 24.59%.
In other Bank of America Corp. news, Director Thomas D. Woods acquired 25,000 shares of Bank of America Corp. stock in a transaction dated Tuesday, August 2nd. The stock was bought at an average cost of $14.13 per share, with a total value of $353,250.00. Following the acquisition, the director now owns 32,459 shares of the company’s stock, valued at $458,645.67. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.18% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. increased its position in Bank of America Corp. by 1.5% in the second quarter. Macquarie Group Ltd. now owns 536,836 shares of the financial services provider’s stock worth $7,123,000 after buying an additional 7,700 shares during the last quarter. Williams Jones & Associates LLC increased its position in Bank of America Corp. by 13.7% in the second quarter. Williams Jones & Associates LLC now owns 137,788 shares of the financial services provider’s stock worth $1,828,000 after buying an additional 16,629 shares during the last quarter. Springowl Associates LLC acquired a new position in Bank of America Corp. during the second quarter worth approximately $929,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Bank of America Corp. during the second quarter worth approximately $5,504,000. Finally, Kentucky Retirement Systems acquired a new position in Bank of America Corp. during the second quarter worth approximately $11,591,000. 60.68% of the stock is owned by institutional investors.
Bank of America Corp. Company Profile
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
Receive News & Ratings for Bank of America Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corp. and related companies with MarketBeat.com's FREE daily email newsletter.