Bank of America Receives New Coverage from Analysts at Citigroup Inc. (BAC)
Other equities research analysts have also recently issued reports about the stock. Analysts at MKM Partners initiated coverage on shares of Bank of America in a research note on Wednesday. They set a “buy” rating and a $18.00 price target on the stock. Separately, analysts at Portales Partners upgraded shares of Bank of America from an “underperform” rating to a “sector perform” rating in a research note on Monday, May 12th. Finally, analysts at Jefferies Group reiterated a “buy” rating on shares of Bank of America in a research note on Monday, May 12th. They now have a $18.00 price target on the stock, down previously from $18.50. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. Bank of America currently has an average rating of “Hold” and an average target price of $17.02.
Bank of America (NYSE:BAC) traded up 0.68% on Wednesday, hitting $14.6281. The stock had a trading volume of 20,168,380 shares. Bank of America has a 52 week low of $12.13 and a 52 week high of $18.03. The stock’s 50-day moving average is $15.67 and its 200-day moving average is $16.05. The company has a market cap of $153.8 billion and a P/E ratio of 18.87. Bank of America also was the recipient of a significant increase in short interest in April. As of April 30th, there was short interest totalling 107,624,635 shares, an increase of 4.6% from the April 15th total of 102,910,447 shares. Based on an average daily volume of 120,062,793 shares, the days-to-cover ratio is presently 0.9 days. Currently, 1.0% of the shares of the stock are sold short.
Bank of America (NYSE:BAC) last released its earnings data on Wednesday, April 16th. The company reported $0.35 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.20 earnings per share. The company’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts expect that Bank of America will post $0.93 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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