Analysts Set Bank of America Corporation (BAC) Price Target at $24.34
Shares of Bank of America Corporation (NYSE:BAC) have received a consensus recommendation of “Buy” from the thirty-seven analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation, twenty-two have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $24.59.
Several equities analysts recently weighed in on BAC shares. Vetr cut shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 price target on the stock. in a research report on Tuesday, July 4th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. CIBC reaffirmed an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Robert W. Baird reiterated a “hold” rating and issued a $24.00 price objective on shares of Bank of America Corporation in a research note on Friday, August 25th. Finally, BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th.
Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter last year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year.
Bank of America Corporation announced that its board has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.94%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.18% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of BAC. Oakbrook Investments LLC lifted its holdings in shares of Bank of America Corporation by 2.2% during the 1st quarter. Oakbrook Investments LLC now owns 612,245 shares of the financial services provider’s stock worth $14,443,000 after acquiring an additional 13,300 shares during the last quarter. City Holding Co. lifted its holdings in shares of Bank of America Corporation by 0.9% during the 1st quarter. City Holding Co. now owns 43,570 shares of the financial services provider’s stock worth $1,028,000 after acquiring an additional 410 shares during the last quarter. Huntington National Bank lifted its holdings in shares of Bank of America Corporation by 0.9% during the 1st quarter. Huntington National Bank now owns 138,775 shares of the financial services provider’s stock worth $3,274,000 after acquiring an additional 1,204 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Bank of America Corporation during the 1st quarter worth $358,000. Finally, Chelsea Counsel Co. lifted its holdings in shares of Bank of America Corporation by 6.9% during the 1st quarter. Chelsea Counsel Co. now owns 35,308 shares of the financial services provider’s stock worth $833,000 after acquiring an additional 2,285 shares during the last quarter. 61.63% of the stock is owned by institutional investors.
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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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