Bank of America Co. (NYSE:BAC) Receives Consensus Rating of “Hold” from Analysts
Bank of America Co. (NYSE:BAC) has received an average recommendation of “Hold” from the seventeen ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $35.43.
Several equities analysts recently commented on BAC shares. BMO Capital Markets increased their price objective on shares of Bank of America from $39.00 to $40.00 and gave the company a “market perform” rating in a research report on Wednesday, October 18th. Oppenheimer increased their price objective on shares of Bank of America from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday, November 16th. Keefe, Bruyette & Woods raised shares of Bank of America from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $29.00 to $30.00 in a research report on Monday, November 6th. Wells Fargo & Company reduced their price target on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, August 23rd. Finally, Piper Sandler reduced their price target on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research report on Friday, September 15th.
View Our Latest Report on Bank of America
Insider Transactions at Bank of America
In other news, major shareholder Of America Corp /De/ Bank sold 17,769 shares of Bank of America stock in a transaction on Monday, November 20th. The stock was sold at an average price of $9.94, for a total transaction of $176,623.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.27% of the company’s stock.
Institutional Trading of Bank of America
Several institutional investors and hedge funds have recently bought and sold shares of BAC. Roundview Capital LLC grew its position in shares of Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after buying an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P grew its position in shares of Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after buying an additional 1,192 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after buying an additional 16,319 shares in the last quarter. First Western Trust Bank acquired a new position in shares of Bank of America during the first quarter worth about $586,000. Finally, Pearl River Capital LLC acquired a new position in shares of Bank of America during the first quarter worth about $534,000. 68.06% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Trading Up 0.4 %
Shares of NYSE BAC opened at $30.66 on Friday. Bank of America has a 1-year low of $24.96 and a 1-year high of $37.00. The stock has a market capitalization of $242.64 billion, a P/E ratio of 8.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.40. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.82. The business has a fifty day moving average price of $27.95 and a 200 day moving average price of $28.82.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. Bank of America had a net margin of 18.69% and a return on equity of 12.08%. The business had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $25.13 billion. During the same period last year, the business earned $0.81 EPS. The company’s revenue was up 2.8% compared to the same quarter last year. Equities research analysts expect that Bank of America will post 3.43 EPS for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.96 annualized dividend and a yield of 3.13%. Bank of America’s dividend payout ratio (DPR) is presently 26.89%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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