Bank of America (BAC) Given New $35.00 Price Target at Credit Suisse Group
Bank of America (NYSE:BAC) had its price objective decreased by Credit Suisse Group from $36.00 to $35.00 in a report published on Friday morning, The Fly reports. Credit Suisse Group currently has an outperform rating on the financial services provider’s stock.
Other equities research analysts also recently issued research reports about the company. ValuEngine raised Bank of America from a sell rating to a hold rating in a report on Thursday, November 8th. BMO Capital Markets lifted their target price on Bank of America from $35.00 to $36.00 and gave the stock a market perform rating in a report on Tuesday, October 16th. Finally, Wolfe Research started coverage on Bank of America in a report on Tuesday, September 25th. They set an outperform rating for the company. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $34.55.
Shares of NYSE BAC opened at $25.43 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $260.50 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.25 and a beta of 1.27. Bank of America has a fifty-two week low of $25.30 and a fifty-two week high of $33.05.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Thursday, December 6th. Bank of America’s dividend payout ratio (DPR) is 32.79%.
Several institutional investors have recently added to or reduced their stakes in the stock. CSat Investment Advisory L.P. acquired a new position in Bank of America in the second quarter valued at approximately $103,000. Cardinal Capital Management Inc. acquired a new position in Bank of America in the third quarter valued at approximately $106,000. Quad Cities Investment Group LLC acquired a new position in Bank of America in the second quarter valued at approximately $112,000. Arlington Partners LLC acquired a new position in Bank of America in the third quarter valued at approximately $118,000. Finally, Worth Venture Partners LLC acquired a new position in Bank of America in the third quarter valued at approximately $166,000. 64.39% of the stock is owned by hedge funds and other institutional investors.
Bank of America Company Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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