Vetr upgraded shares of Bank of America Corporation (NYSE:BAC) from a sell rating to a hold rating in a research note released on Friday morning. The brokerage currently has $23.99 target price on the financial services provider’s stock.

Several other analysts have also commented on BAC. Credit Suisse Group lifted their price objective on shares of Bank of America Corporation to $27.00 and gave the stock an outperform rating in a research report on Thursday, March 16th. Compass Point lowered shares of Bank of America Corporation from a neutral rating to a sell rating and set a $20.00 price objective on the stock. in a research report on Thursday, March 16th. Royal Bank Of Canada reaffirmed a buy rating and issued a $26.00 price objective on shares of Bank of America Corporation in a research report on Tuesday, April 4th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $27.00 price objective on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Finally, Deutsche Bank AG reaffirmed a hold rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $23.03.

Bank of America Corporation (NYSE BAC) traded down 0.78% on Friday, reaching $24.02. 81,521,981 shares of the company’s stock traded hands. The company’s 50 day moving average is $23.26 and its 200-day moving average is $23.42. The stock has a market cap of $252.61 billion, a price-to-earnings ratio of 14.78 and a beta of 1.27. Bank of America Corporation has a 52-week low of $13.52 and a 52-week high of $25.80.

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Bank of America Corporation announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 2nd were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $0.30 dividend on an annualized basis and a yield of 1.25%. Bank of America Corporation’s dividend payout ratio is presently 18.99%.

In other Bank of America Corporation news, Director Thomas D. Woods acquired 25,000 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was bought at an average price of $23.81 per share, with a total value of $595,250.00. Following the purchase, the director now owns 40,830 shares of the company’s stock, valued at $972,162.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the stock. Hudson Valley Investment Advisors Inc. ADV boosted its stake in shares of Bank of America Corporation by 3.0% in the second quarter. Hudson Valley Investment Advisors Inc. ADV now owns 178,435 shares of the financial services provider’s stock worth $4,329,000 after buying an additional 5,115 shares during the period. Capital Management Corp VA boosted its stake in shares of Bank of America Corporation by 0.3% in the second quarter. Capital Management Corp VA now owns 10,385 shares of the financial services provider’s stock worth $252,000 after buying an additional 33 shares during the period. Dixon Hubard Feinour & Brown Inc. VA boosted its stake in shares of Bank of America Corporation by 8.4% in the second quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 25,921 shares of the financial services provider’s stock worth $629,000 after buying an additional 2,000 shares during the period. TNB Financial boosted its stake in shares of Bank of America Corporation by 6.1% in the second quarter. TNB Financial now owns 77,088 shares of the financial services provider’s stock worth $1,870,000 after buying an additional 4,444 shares during the period. Finally, Advisors Capital Management LLC boosted its stake in shares of Bank of America Corporation by 6.1% in the second quarter. Advisors Capital Management LLC now owns 516,289 shares of the financial services provider’s stock worth $12,525,000 after buying an additional 29,537 shares during the period. 65.89% of the stock is owned by institutional investors.

Bank of America Corporation 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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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