Bank of America Upgraded to “Sector Perform” at Portales Partners (BAC)
Bank of America (NYSE:BAC) was upgraded by equities research analysts at Portales Partners from an “underperform” rating to a “sector perform” rating in a research note issued to investors on Monday, AnalystRatingsNetwork.com reports.
Shares of Bank of America (NYSE:BAC) traded up 1.80% on Monday, hitting $15.005. 36,828,620 shares of the company’s stock traded hands. Bank of America has a 52-week low of $12.13 and a 52-week high of $18.03. The stock has a 50-day moving average of $16.16 and a 200-day moving average of $16.00. The company has a market cap of $157.8 billion and a P/E ratio of 19.14. Bank of America also saw a large decrease in short interest in April. As of April 15th, there was short interest totalling 102,910,447 shares, a decrease of 7.8% from the March 31st total of 111,575,739 shares. Currently, 1.0% of the company’s stock are sold short. Based on an average trading volume of 94,945,629 shares, the short-interest ratio is currently 1.1 days.
Bank of America (NYSE:BAC) last issued its quarterly earnings data 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.
BAC has been the subject of a number of other recent research reports. Analysts at Jefferies Group reiterated a “buy” rating on shares of Bank of America in a research note on Monday. They now have a $18.00 price target on the stock, down previously from $18.50. Separately, 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, May 6th. Finally, 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. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the stock. Bank of America has a consensus rating of “Hold” and a consensus price target of $17.00.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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