Bank of America Corporation (NYSE:BAC) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Friday.

BAC has been the subject of a number of other research reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Thursday, April 6th. Vining Sparks raised shares of Bank of America Corporation to a “strong-buy” rating and set a $28.00 price objective for the company in a report on Wednesday, April 19th. Nomura reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Wednesday, April 19th. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. Finally, Berenberg Bank cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating and lifted their price objective for the company from $15.00 to $22.00 in a report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. Bank of America Corporation currently has an average rating of “Buy” and a consensus price target of $23.74.

Shares of Bank of America Corporation (NYSE BAC) traded up 2.46% on Friday, reaching $24.97. 105,206,610 shares of the company traded hands. The company has a 50-day moving average of $24.01 and a 200-day moving average of $23.69. Bank of America Corporation has a 1-year low of $14.10 and a 1-year high of $25.80. The stock has a market capitalization of $262.60 billion, a price-to-earnings ratio of 14.87 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter in the previous year, the company earned $0.41 earnings per share. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. Analysts anticipate that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

Bank of America Corporation announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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Large investors have recently added to or reduced their stakes in the stock. Northwest Investment Counselors LLC bought a new stake in Bank of America Corporation during the second quarter worth about $100,000. Armbruster Capital Management Inc. increased its stake in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares during the last quarter. Integrated Investment Consultants LLC increased its stake in shares of Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock valued at $103,000 after buying an additional 500 shares during the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares during the last quarter. Finally, Gradient Investments LLC increased its stake in shares of Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock valued at $107,000 after buying an additional 700 shares during the last quarter. 66.27% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Corporation Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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