Bank of America Corp. Coverage Initiated at Citigroup Inc. (BAC)
Equities researchers at Citigroup Inc. assumed coverage on shares of Bank of America Corp. (NYSE:BAC) in a research report issued on Wednesday, StockRatingsNetwork reports. The firm set a “hold” rating and a $60.00 price target on the stock. Citigroup Inc.’s price objective would indicate a potential upside of 263.64% from the stock’s previous close.
Shares of Bank of America Corp. (NYSE:BAC) traded up 0.67% during mid-day trading on Wednesday, hitting $16.61. 44,890,376 shares of the company’s stock traded hands. Bank of America Corp. has a 1-year low of $10.98 and a 1-year high of $16.79. The stock has a 50-day moving average of $15.65 and a 200-day moving average of $14.54. The company has a market cap of $177.2 billion and a price-to-earnings ratio of 25.15. Bank of America Corp. also was the target of some unusual options trading on Monday. Investors bought 125,380 put options on the stock. This represents an increase of 160% compared to the average volume of 48,269 put options.
Bank of America Corp. (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 16th. The company reported $0.20 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.19 by $0.01. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.11 billion. Bank of America Corp.’s revenue was up 5.3% compared to the same quarter last year. Analysts expect that Bank of America Corp. will post $0.89 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on BAC. Analysts at Jefferies Group initiated coverage on shares of Bank of America Corp. in a research note to investors on Wednesday. They set a “buy” rating and a $19.00 price target on the stock. Separately, analysts at Raymond James raised their price target on shares of Bank of America Corp. from $16.00 to $17.00 in a research note to investors on Thursday, January 2nd. Finally, analysts at TheStreet upgraded shares of Bank of America Corp. from a “hold” rating to a “buy” rating in a research note to investors on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and thirteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $16.77.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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