Wells Fargo & Company Initiates Coverage on Bank of America Corporation (BAC)
Equities researchers at Wells Fargo & Company began coverage on shares of Bank of America Corporation (NYSE:BAC) in a research note issued to investors on Wednesday, The Fly reports. The firm set an “outperform” rating on the financial services provider’s stock.
A number of other equities research analysts also recently commented on BAC. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. 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 report on Friday, July 21st. Instinet reaffirmed a “buy” rating and set a $27.00 target price on shares of Bank of America Corporation in a report on Saturday, July 22nd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $26.00 target price on shares of Bank of America Corporation in a report on Thursday, July 20th. Finally, Vetr raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 target price for the company in a report on Thursday, June 15th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $23.74.
Shares of Bank of America Corporation (BAC) traded down 0.64% during trading on Wednesday, reaching $24.74. The company’s stock had a trading volume of 56,471,372 shares. The firm’s 50-day moving average is $24.09 and its 200-day moving average is $23.71. The stock has a market capitalization of $260.18 billion, a PE ratio of 14.73 and a beta of 1.27. Bank of America Corporation has a 12-month low of $14.70 and a 12-month 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, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. Equities analysts expect that Bank of America Corporation will post $1.82 earnings per share for the current year.
Bank of America Corporation declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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A number of institutional investors have recently added to or reduced their stakes in BAC. Dodge & Cox bought a new position in Bank of America Corporation during the fourth quarter worth $4,159,570,000. Norges Bank bought a new position in Bank of America Corporation during the fourth quarter worth $2,256,221,000. Korea Investment CORP raised its position in Bank of America Corporation by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after buying an additional 390,771 shares during the period. Boston Partners raised its position in Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock worth $1,778,802,000 after buying an additional 368,898 shares during the period. Finally, Legal & General Group Plc raised its position in Bank of America Corporation by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after buying an additional 1,007,405 shares during the period. 66.42% of the stock is currently owned by institutional investors.
About Bank of America Corporation
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.
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