BidaskClub upgraded shares of Bank of America Corporation (NYSE:BAC) from a sell rating to a hold rating in a research note published on Friday.

Several other equities research analysts have also recently weighed in on the company. Instinet reissued a buy rating and issued a $27.00 price target on shares of Bank of America Corporation in a research note on Saturday, July 22nd. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and set a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. UBS AG reaffirmed a neutral rating and set a $26.00 target price on shares of Bank of America Corporation in a research note on Friday, July 21st. Royal Bank Of Canada reaffirmed a buy rating and set a $26.00 target price on shares of Bank of America Corporation in a research note on Thursday, July 20th. Finally, Vetr raised Bank of America Corporation from a sell rating to a hold rating and set a $23.99 target price for the company in a research note on Friday, July 14th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $23.74.

Bank of America Corporation (NYSE BAC) traded up 2.46% during trading on Friday, hitting $24.97. The stock had a trading volume of 105,206,610 shares. The firm has a market capitalization of $262.60 billion, a P/E ratio of 14.87 and a beta of 1.27. The stock has a 50 day moving average of $24.01 and a 200 day moving average of $23.69. Bank of America Corporation has a one year low of $14.10 and a one year high of $25.80.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Equities research analysts expect that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a dividend of $0.12 per share. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is 17.86%.

Bank of America Corporation announced that its Board of Directors has approved a share buyback program on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

A number of hedge funds have recently modified their holdings of BAC. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America Corporation during the second quarter worth approximately $100,000. Armbruster Capital Management Inc. increased its stake in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after buying an additional 423 shares in the last quarter. PHH Investments Ltd. purchased a new stake in Bank of America Corporation during the fourth quarter worth about $103,000. Integrated Investment Consultants LLC increased its stake in Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock worth $103,000 after buying an additional 500 shares in the last quarter. Finally, Chicago Partners Investment Group LLC increased its stake in Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares in the last quarter. Institutional investors and hedge funds own 66.27% of the company’s stock.

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.

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

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