Bank of America Corp (NYSE:BAC) has received a consensus recommendation of “Hold” from the twenty-six brokerages that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $30.08.
A number of research firms have weighed in on BAC. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Royal Bank of Canada raised their price target on Bank of America to $35.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. Barclays raised their price target on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Morgan Stanley raised their price target on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Finally, Societe Generale cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Burt Wealth Advisors boosted its holdings in Bank of America by 4,013.1% in the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC purchased a new stake in Bank of America in the 2nd quarter valued at approximately $115,000. Legacy Advisors LLC purchased a new stake in Bank of America in the 3rd quarter valued at approximately $115,000. HWG Holdings LP purchased a new stake in Bank of America in the 3rd quarter valued at approximately $116,000. Finally, Bristlecone Advisors LLC purchased a new stake in Bank of America in the 3rd quarter valued at approximately $128,000. 68.67% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. During the same period last year, the firm earned $0.40 earnings per share. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. analysts anticipate that Bank of America will post 2.46 earnings per share for the current year.
Bank of America declared that its board has initiated a share buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio is currently 26.52%.
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About Bank of America
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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