Bank of America Given Average Recommendation of “Hold” by Brokerages (NYSE:BAC)
Bank of America (NYSE:BAC) has received an average rating of “Hold” from the twenty-nine brokerages that are covering the stock, Analyst Ratings Net reports. One analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and eleven have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $17.03.
Several analysts have recently commented on the stock. Analysts at Guggenheim cut their price target on shares of Bank of America from $18.00 to $17.00 in a research note on Tuesday. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Bank of America in a research note on Tuesday, April 29th. They now have a $17.50 price target on the stock. Finally, analysts at Sandler O’Neill cut their price target on shares of Bank of America to $16.50 in a research note on Tuesday, April 29th.
Shares of Bank of America (NYSE:BAC) traded down 0.80% during mid-day trading on Friday, hitting $14.81. 16,938,592 shares of the company’s stock traded hands. Bank of America has a 1-year low of $12.13 and a 1-year high of $18.03. The stock’s 50-day moving average is $16.26 and its 200-day moving average is $16.00. The company has a market cap of $155.7 billion and a price-to-earnings ratio of 19.39. Bank of America also was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 102,910,447 shares, a drop of 7.8% from the March 31st total of 111,575,739 shares. Based on an average daily volume of 94,945,629 shares, the short-interest ratio is presently 1.1 days. Currently, 1.0% of the company’s shares are short sold.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 16th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.30. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $22.38 billion. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. Analysts expect that Bank of America will post $0.94 EPS for the current fiscal year.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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