Bank of America Co. (NYSE:BAC) Receives $38.29 Average PT from Brokerages

Shares of Bank of America Co. (NYSE:BAC) have been assigned a consensus rating of “Hold” from the sixteen analysts that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $38.29.

BAC has been the subject of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Oppenheimer reduced their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Tuesday, March 19th. UBS Group restated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Jefferies Financial Group boosted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th.

Read Our Latest Stock Analysis on Bank of America

Bank of America Stock Up 0.4 %

Bank of America stock opened at $35.95 on Thursday. Bank of America has a 1-year low of $24.96 and a 1-year high of $38.35. The firm has a market capitalization of $283.67 billion, a price-to-earnings ratio of 11.71, a P/E/G ratio of 1.63 and a beta of 1.39. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a 50 day simple moving average of $35.48 and a 200 day simple moving average of $32.14.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.85 EPS. On average, analysts predict that Bank of America will post 3.13 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio is presently 31.27%.

Institutional Trading of Bank of America

Hedge funds have recently added to or reduced their stakes in the business. Schechter Investment Advisors LLC lifted its stake in Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after purchasing an additional 4,187 shares during the last quarter. Eastern Bank raised its stake in shares of Bank of America by 354.5% during the third quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after acquiring an additional 93,375 shares during the last quarter. Stonebridge Capital Advisors LLC raised its stake in shares of Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC raised its stake in shares of Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares during the last quarter. Finally, Virginia Retirement Systems ET AL bought a new position in shares of Bank of America during the second quarter valued at about $6,317,000. 70.71% of the stock is owned by institutional investors.

Bank of America Company Profile

(Get Free Report

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 in 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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