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.

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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.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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