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Bank of America (NYSE:BAC) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a research note issued on Friday. The firm currently has a $17.00 price target on the stock. Zacks‘s target price suggests a potential upside of 5.20% from the company’s current price.

Zacks’ analyst wrote, “We are upgrading our recommendation on Bank of America to Neutral due to its long-due mortgage settlement, recent dividend hike and better-than-expected second-quarter 2014 adjusted earnings. Results (before considering litigation expenses) were driven by better-than-expected top-line growth, lower provision for loan losses and prudent expense control. However, lower mortgage banking income and equity investment income were the downsides. We expect measures like balance sheet restructuring, expense-reduction and branch consolidation to bolster the company’s growth prospects. Nevertheless, persistent pressure on the top line, prevailing low-rate environment and various regulatory and litigation issues will continue to impact its near-term performance.”

BAC has been the subject of a number of other recent research reports. Analysts at Oppenheimer raised their price target on shares of Bank of America from $19.00 to $20.00 in a research note on Monday, July 7th. They now have an “outperform” rating on the stock. Separately, analysts at Deutsche Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Tuesday, July 1st. They now have a $18.00 price target on the stock, up previously from $16.50. Finally, 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. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Bank of America currently has a consensus rating of “Buy” and an average price target of $17.50.

Shares of Bank of America (NYSE:BAC) remained flat at $16.16 during trading on Friday. 95,653,392 shares of the company’s stock traded hands. Bank of America has a one year low of $13.60 and a one year high of $18.03. The stock’s 50-day moving average is $15.43 and its 200-day moving average is $15.89. The company has a market cap of $169.9 billion and a price-to-earnings ratio of 25.33.

Bank of America (NYSE:BAC) last released its earnings data on Wednesday, July 16th. The company reported $0.41 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.11. The company had revenue of $21.96 billion for the quarter, compared to the consensus estimate of $21.69 billion. During the same quarter last year, the company posted $0.32 earnings per share. Analysts expect that Bank of America will post $0.80 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Wednesday, September 3rd. This is a positive change from Bank of America’s previous quarterly dividend of $0.01.

Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.

To view Zacks’ full report, visit Zacks’ official website.

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