Bank of America Receives “BBB” Credit Rating from Morningstar (BAC)
Bank of America (NYSE:BAC) has earned a “BBB” credit rating from Morningstar. The firm’s “BBB” rating suggests that the company is a moderate default risk. They also issued a neutral credit outlook for the company and gave their stock a three star rating.
A number of other firms have also recently commented on BAC. Analysts at Nomura downgraded shares of Bank of America from a “buy” rating to a “neutral” rating in a research note on Wednesday. Separately, analysts at Zacks upgraded shares of Bank of America from an “underperform” rating to a “neutral” rating in a research note on Friday, August 22nd. They now have a $17.00 price target on the stock. Finally, 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. Eight investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $17.42.
Bank of America (NYSE:BAC) opened at 16.22 on Wednesday. Bank of America has a 1-year low of $13.60 and a 1-year high of $18.03. The stock has a 50-day moving average of $15.54 and a 200-day moving average of $15.85. The company has a market cap of $170.6 billion and a P/E ratio of 25.22. Bank of America also was the recipient of some unusual options trading activity on Tuesday. Stock traders purchased 217,450 call options on the company. This represents an increase of approximately 102% compared to the typical daily volume of 107,451 call options.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the 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 in the previous 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 1.23%. 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 more credit ratings from Morningstar, visit www.morningstar.com.
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