Bank of America (BAC) Cut to Hold at ValuEngine
Bank of America (NYSE:BAC) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
A number of other analysts have also commented on the company. Vetr lowered Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price for the company. in a research report on Wednesday, January 10th. Societe Generale lowered Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. BMO Capital Markets reaffirmed a “hold” rating and issued a $31.00 target price on shares of Bank of America in a research report on Monday, January 8th. Credit Suisse Group raised Bank of America to an “outperform” rating and boosted their target price for the company from $32.00 to $35.00 in a research report on Thursday, January 4th. Finally, Instinet decreased their target price on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. Bank of America has an average rating of “Buy” and a consensus price target of $29.93.
Bank of America (NYSE BAC) traded up $0.30 during mid-day trading on Tuesday, hitting $31.48. The stock had a trading volume of 38,198,575 shares, compared to its average volume of 71,170,000. Bank of America has a 1 year low of $22.07 and a 1 year high of $31.79. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $328,300.00, a price-to-earnings ratio of 20.44, a PEG ratio of 1.70 and a beta of 1.32.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. During the same period last year, the company posted $0.40 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. equities analysts forecast that Bank of America will post 1.79 earnings per share for the current year.
Bank of America announced that its Board of Directors has approved a share repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
A number of institutional investors and hedge funds have recently modified their holdings of the business. 1ST Source Bank boosted its stake in shares of Bank of America by 4.8% in the 3rd quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock worth $2,056,000 after buying an additional 3,690 shares during the last quarter. TIAA FSB purchased a new position in shares of Bank of America in the 2nd quarter worth approximately $2,400,000. Personal Capital Advisors Corp purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $311,000. Lbmc Investment Advisors LLC boosted its stake in shares of Bank of America by 0.3% in the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after buying an additional 51 shares during the last quarter. Finally, Beaton Management Co. Inc. purchased a new position in shares of Bank of America in the 2nd quarter worth approximately $2,081,000. 68.46% of the stock is owned by hedge funds and other institutional investors.
WARNING: “Bank of America (BAC) Cut to Hold at ValuEngine” was originally reported by Daily Political and is the property of of Daily Political. If you are viewing this piece of content on another domain, it was copied illegally and republished in violation of U.S. & international copyright laws. The legal version of this piece of content can be accessed at https://www.dailypolitical.com/2018/01/18/bank-of-america-bac-cut-to-hold-at-valuengine.html.
Bank of America 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 ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.