Bank of America Receives Average Rating of “Buy” from Analysts (NYSE:BAC)
Shares of Bank of America (NYSE:BAC) have earned an average recommendation of “Buy” from the twenty-five ratings firms that are covering the company, Analyst RN reports. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $17.42.
BAC has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Bank of America in a research note on Thursday. They now have a $17.50 price target on the stock, up previously from $17.00. Separately, analysts at Nomura downgraded shares of Bank of America from a “buy” rating to a “neutral” rating in a research note on Wednesday. They now have a $17.00 price target on the stock, down previously from $150.00. Finally, 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.
Bank of America (NYSE:BAC) traded down 0.38% on Friday, hitting $16.0482. The stock had a trading volume of 6,899,525 shares. Bank of America has a 52 week low of $13.60 and a 52 week high of $18.03. The stock’s 50-day moving average is $15.57 and its 200-day moving average is $15.85. The company has a market cap of $168.8 billion and a P/E ratio of 25.25. Bank of America also was the target of unusually large options trading on Tuesday. Stock traders acquired 217,450 call options on the company. This represents an increase of 102% compared to the typical volume of 107,451 call options.
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. On average, analysts predict that Bank of America will post $0.40 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend 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.
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