JPMorgan Chase & Co. reissued their overweight rating on shares of Bank of America (NYSE:BAC) in a research report released on Monday, LiveTradingNews reports. They currently have a $33.00 price target on the financial services provider’s stock, up from their previous price target of $30.00.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research lowered Bank of America from a hold rating to a sell rating and set a $32.00 price objective on the stock. in a report on Wednesday, July 10th. DZ Bank raised Bank of America from a sell rating to a hold rating in a research note on Friday, August 16th. Wells Fargo & Co set a $34.00 price target on Bank of America and gave the stock a buy rating in a research note on Tuesday, October 15th. Raymond James lowered Bank of America from an outperform rating to a market perform rating in a research note on Thursday, August 29th. Finally, Odeon Capital Group raised Bank of America from a hold rating to a buy rating in a research note on Monday, October 28th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $32.59.

BAC traded up $0.03 during trading on Monday, reaching $33.26. The company’s stock had a trading volume of 38,723,068 shares, compared to its average volume of 56,181,609. Bank of America has a 52-week low of $22.66 and a 52-week high of $33.60. The company’s fifty day moving average price is $30.19 and its 200-day moving average price is $29.06. The company has a market capitalization of $299.18 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 1.27 and a beta of 1.62. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.07. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The company had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. During the same quarter in the previous year, the company earned $0.66 EPS. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts predict that Bank of America will post 2.89 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.16%. Bank of America’s dividend payout ratio is currently 27.59%.

In related news, insider Kathleen A. Knox sold 40,000 shares of Bank of America stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the completion of the transaction, the insider now directly owns 43,744 shares in the company, valued at approximately $1,322,381.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank P. Bramble sold 6,500 shares of Bank of America stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,566,500. The disclosure for this sale can be found here. Insiders have sold a total of 51,870 shares of company stock valued at $1,476,104 over the last 90 days. Insiders own 0.17% of the company’s stock.

Several institutional investors have recently modified their holdings of BAC. Garrett Wealth Advisory Group LLC acquired a new position in Bank of America in the 3rd quarter valued at $25,000. Larson Financial Group LLC raised its holdings in Bank of America by 195.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 880 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 814 shares during the last quarter. Selective Wealth Management Inc. acquired a new position in Bank of America in the 3rd quarter valued at $43,000. Finally, WealthStone Inc. acquired a new position in Bank of America in the 2nd quarter valued at $49,000. Hedge funds and other institutional investors own 70.75% of the company’s stock.

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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Analyst Recommendations for Bank of America (NYSE:BAC)

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