Bank of America Upgraded to Buy by Deutsche Bank (BAC)
Bank of America (NYSE:BAC) was upgraded by analysts at Deutsche Bank from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $18.00 price target on the stock. Deutsche Bank’s target price indicates a potential upside of 15.38% from the company’s current price.
Bank of America (NYSE:BAC) traded up 2.08% during mid-day trading on Tuesday, hitting $15.925. 65,445,824 shares of the company’s stock traded hands. Bank of America has a 1-year low of $12.73 and a 1-year high of $18.03. The stock has a 50-day moving average of $15.24 and a 200-day moving average of $16.1. The company has a market cap of $167.5 billion and a price-to-earnings ratio of 20.26. Bank of America also saw a significant increase in short interest during the month of June. As of June 13th, there was short interest totalling 106,862,341 shares, an increase of 14.9% from the May 30th total of 93,012,599 shares. Based on an average daily trading volume, of 59,937,892 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.0% of the company’s stock are short sold.
Bank of America (NYSE:BAC) last issued its quarterly 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. On average, analysts predict that Bank of America will post $0.91 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, July 25th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.26%. The ex-dividend date is Friday, June 20th.
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Bank of America in a research note on Thursday, June 19th. They now have a $17.00 price target on the stock, down previously from $17.50. Separately, analysts at Zacks reiterated an “underperform” rating on shares of Bank of America in a research note on Wednesday, May 21st. They now have a $13.00 price target on the stock. Finally, analysts at Citigroup Inc. initiated coverage on shares of Bank of America in a research note on Wednesday, May 21st. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the stock. Bank of America presently has an average rating of “Buy” and a consensus target price of $16.89.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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